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Synovus Financial Corporation Message Board

  • lner2512 lner2512 Feb 2, 2010 2:09 AM Flag

    S & P Maintains Hold

    S&P MAINTAINS HOLD RECOMMENDATION ON SHARES OF SYNOVUS FINANCIAL CORP
    (Standard & Poor's)
    Q4 loss per share of $0.54 vs. a loss per share of $1.93 is slightly wider than our $0.53 loss per share estimate, due to a higher than expected tax rate, offsetting a $51.9M pre-tax gain on sale of Visa shares, about $0.065 per share. However, we see credit quality improving, with only $404M in new nonperforming loans, down slightly from prior quarters. We also see revenues as strong. On these results, we raise our target price to $3, up $1, based on a below-peers 0.77X tangible book. Our primary concern is on capital levels, as tangible common equity ratio is now below 6.0%.

 
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27.63-0.29(-1.04%)Apr 17 4:03 PMEDT