Mortgage rates have jumped quite a bit in the last two weeks!! :-) That is nothing but good news for SNV....More revenue and more profits!! $5.00 by end of the year!! The Great and Powerful Turdman has Spoken!!!!
Bloomberg had an interesting radio bit today. Basically because of the FED Policy they are not allowing big banks to become to big to fail even the mid size banks are not being allowed to M & A. This would explain why Goldman Sachs downgraded Synovus this past month. Hence why Goldman was saying it is no longer a buyout speculative bet.
But with that being said, FDIC has a lot of faith in Synovus Corp giving them the 54 million in extra deposits and a bunch of new customers. With Synovus being one of the best Customer service rated banks not only in the region but nationally this should allow them to establish more clients and increase profits with rising mortgage rates.
Next earnings announcements in my opinion I believe will be higher then expected with their cost cutting policies still being worked out throughout the company. I believe we will get very close to the $5.00 range before the year ends so hang in there because this will pan out very well.
I understand what you are saying, that rising interest rates will kill off home buying, but it hasn't yet. Even with the rise, the rates are still incredibly low and I believe people who have been on the fence will jump in thinking that they will miss out. I believe in the short term.....3 to 6 months....it will be a very good thing. If the rates would soar, that would be a different story........I still believe $5.00 by the end of the year.......Once again, "The Great and Powerful Turdman has spoken!!" All kneel before my infinite wisdom!!