Philpot1972 asked the "Great and Powerful Turdman" for my prediction going forward......Short Term, who knows!! I take these asset sales as a good thing that was part of the plan and should push the stock to $2.70 buy Feb 1, 2013, but others may disagree and keep it at current levels or maybe even push them back down a bit....50/50 either way....Longer term I will predict the SNV will reach $3.00 by May 1, 2013 at the latest, maybe as soon as March 1 with a good 4th quarter.
Just brung back this old post of mine to remind you all of "The Great and Powerful TURDMAN" predictions. We did make $2.70 by Feb 1 and it looks well poised to hit my goal of $3.00 by May 1. It actually was @ $3.02 pre-market on the day they reported earnings but some will say that did not count. Remember to bow before me!!!!!!!!!!!!!!!!! P.S. eye2eeye, Looks light crow should be your choice for dinner!! Never question the "All Knowing", "great and Powerful Turdman"!!!!!!!
Banks are in business for two things: to accept deposits and to loan money. The core business of SNV is what's going to drive it back to profitability; it needs the housing starts to roar back and it needs new customers in what most agree is going to be a very competitive environment, for banking relationships. While the TARP issue is important, it frankly doesn't mean that SNV has done much other than reach a plateau that the rest of its peers has reached, or never needed TARP to shore up their bad portfolios. SNV will need to lend, lend, lend in a robust and growing environment, as well as they will need the Fed to begin to indicate and move the interest rate up, something that Bernanke has, in my humble opinion, correctly choose to hold steady. Interest rates are the heart beat of banks, and it must change considerably for those like SNV to stick its foot in the murky waters of lending, and attempt to grow once again.
But, of course what do I know; I'm arguing with a Turd.
You may be right. Downside is limited at this juncture. I've been accumulating for the last year so once the TARP is paid in 2013, it should accend to $5 or $6 pretty quick. From there we need some stronger economic growth to go higher.