Didn’t we just tell you this?
Posted on November 20, 2009 at 12:59 pmFor the second Friday in a row, Synovus Financial — the parent of The Bank of Nashville — has come out and told investors it has enough capital to weather the economic storm.
“While we do not believe our credit losses will reach the SCAP ‘More Adverse’ scenario levels, which would imply credit losses of almost $3.3 billion between January 1, 2009 and December 31, 2010, we believe that we have the capital and earnings capacity that would be needed under that scenario. We are pleased with our current core deposit trends as we continue to increase the core deposit funding percentage of our loan portfolio.”
SEE ALSO: Tom Brown says the stock can quintuple in two years.
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False alarm at Synovus
Posted on November 16, 2009 at 7:38 amThe parent of The Bank of Nashville says its capital levels are still where the regulators want them.
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Analyst action: CVS Caremark, Synovus
Posted on November 11, 2009 at 10:43 amScott Mushkin at Jefferies has lowered his price target on shares of CVS Caremark (Ticker: CVS) to $39 from $42 after the company’s so-so earnings call last week. He still rates the stock a ‘buy.’
Over at Morgan Keegan, Robet Patten has cut his rating on Synovus Financial to ‘market perform’ from ‘outperform.’ Shares of Synovus (Ticker: SNV) have lost three-quarters of their value this year.
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Analyst action: Healthways, Pinnacle, Synovus
Posted on October 26, 2009 at 12:46 pm
After Healthways’ big gain following its Q3 report, Stifel Nicolaus analyst Tom Carroll has lowered his rating on the disease manager (Ticker: HWAY) to ‘hold’ from ‘buy.’ The valuation-based call is diametrically opposed to that of Art Henderson at Jefferies, who on Friday upgraded Healthways and raised his target to $20. So far, Carroll is winning: Healthways is down 7 percent today.
At Zacks Investment Research, shares of Pinnacle Financial are now on the ‘exclusive’ list of stocks investors should sell or avoid in the coming months. Pinnacle (Ticker: PNFP) last week reported a larger-than-expected loss.
And in related regional banking news, Wunderlich analyst Kevin Reynolds has some strong words on Synovus Financial Group, the parent of The Bank of Nashville. Reynolds has dropped Synovus to a ’sell’ and slapped a price target of $1.50 on the shares — half the price at the open today. The company last week posted a loss of more than $400 million and its stock (Ticker: SNV) has fallen more than 60 percent this year.
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Making the case for Synovus
Posted on September 23, 2009 at 7:13 amHedge fund manager Tom Brown says the parent of The Bank of Nashville is just his kind of stock, especially after the recent capital raise.
But the company’s outlook isn’t nearly as bleak as the market seems to think. In the runup to an equity offering last week (about more of which in a minute) the company made it pretty clear that it’s in the process of getting its credit issues under control, and that its underlying profitability is strong. In particular Synovus says that its ongoing program of aggressive problem loan disposition is on track, and that the run-rate on new non-performers continues to improve. Meanwhile, pre-tax, pre-credit cost earnings continue to rise.
Shares of Synovus (Ticker: SNV) have traded either side of $4 for most of the past two months.
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Bank of Nashville parent to raise capital
Posted on September 15, 2009 at 7:08 am
Synovus Financial Group, the parent of The Bank of Nashville since 2002, plans to raise $500 million by selling stock, exchanging some of its debt and other moves. The company booked a big first-half loss after booking $920 million in loan loss provisions. The news of the capital plan was announced after hours, which resulted in Synovus shares (Ticker: SNV) giving back all the gains from a strong trading day Monday.
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Nashville loans also a pain in Synovus’ you-know-what
Posted on July 24, 2009 at 6:43 amSynovus Financial, the parent company of The Bank of Nashville, says it has its hands full with its loan portfolio in Nashville and Memphis. The Bank of Nashville lost almost $70 million in the year ended March 31, mostly due to asset writedowns.
SEE ALSO: Synovus’ earnings and similar messages from Green Bankshares and Cadence Financial as well as a sobering thought from Pinnacle CEO Terry Turner
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Synovus president out
Posted on May 28, 2009 at 9:32 am
Fred Green, president and COO of the parent of The Bank of Nashville since the fall of 2006, is stepping down for undisclosed reasons. Prior to his most recent role, he was vice chairman of the holding company. (Ticker: SNV)
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Bank of Nashville now in Publix ATM network
Posted on April 28, 2009 at 12:39 amThe bank’s parent, Synovus Financial, recently joined Publix’s extensive list of Presto! members.
Customers of banks affiliated with Synovus can now access more than 1,000 ATMs, free of charge, across Georgia, Alabama, South Carolina, Florida and Tennessee. Presto! is owned by the Publix grocery store chain, which has a geographic footprint consistent with locations of Synovus banks.
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Synovus unit takes over failed Georgia bank
Posted on April 24, 2009 at 6:44 pmBank of North Georgia, an Atlanta-area sister of The Bank of Nashville, will assume more than $50 million in deposits and $30 million in assets formerly belonging to American Southern Bank. It’s the fifth bank failure in Georgia this year.
Local analyst: Banks’ book values have more to fall
Posted on April 16, 2009 at 1:21 pmNashville-based bank analyst Jeff Davis has begun covering most of the Southeast’s regional players with ‘hold’ ratings. His earnings estimates are generally below the investment community’s consensus numbers because he sees “migrating” credit issues. Those problems will eat at banks’ capital positions and push down book values until the end of 2010.
“Over the next few quarters, the industry should get closer to reality in that reserves will be much higher, more loans will have been written off and presumably the economy will be closer to basing, thereby creating a better risk-reward scenario for depository investors,” Davis wrote.
The government also will be in the banks’ corner to a certain extent, Davis said, though not necessarily on purpose. “Public policy for the large banks is such that these institutions are nearly too-big-to-fail… As a result, the government is unlikely to force draconian mark-to-distressed loan bids that create an immediate capital call if for no other reason than the government cannot seem to get organized to close small banks.”
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Analyst: First Horizon won’t need to raise more capital
Posted on April 9, 2009 at 8:48 amKeefe Bruyette & Woods analyst Jefferson Harralson says loan losses at the Southeast’s top regional banks will rise further this year but that the parent of First Horizon has enough of a cushion to avoid needing to raise more capital. The same goes for Synovus, the parent of The Bank of Nashville, but Harralson expects Regions and SunTrust to have to make a move by the end of the year.
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Bank of Nashville parent cuts dividend
Posted on March 11, 2009 at 9:44 pmSynovus Financial joins the list of banks hoarding their cash. The cut will save the Georgia-based company (Ticker: SNV) $66 million per year.
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Analyst action: Pinnacle, AmSurg, regional banks
Posted on February 23, 2009 at 7:41 am
Two local stocks that have outperformed the S&P over the past year will start the week backed by upgrades. Wunderlich Securities’ Kevin Reynolds has raised his rating of Pinnacle Financial Partners (Ticker: PNFP) from ‘hold’ to ‘buy.’ Reynolds, who began covering Pinnacle early this month, has kept his price target at $26.
In the same vein, AmSurg shares (Ticker: AMSG) have been raised to ‘outperform’ at both RBC Capital and Robert W. Baird. Bairdm which last month began covering the shares with a ‘neutral’ rating, has however lowered its price target from $27 to $24.
Also getting an upgrade this morning are shares of Synovus Financial, the parent of The Bank of Nashville. Citigroup has raised its rating from ‘hold’ to ‘buy,’ although it did lower its price target on the stock (Ticker: SNV) to $5. Citigroup wasn’t so kind to other regional bank stocks, though, lowering a group that includes Regions Financial (Ticker: RF) from ‘buy’ to ‘hold.’
Go to the Journal’s site for more ratings changes.
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Banks beaten up
Posted on February 10, 2009 at 2:30 pm
Timothy Geithner’s long-awaited stimulus package fails to enthuse investors – here are takes from Forbes as well as MarketWatch and the AP – but locally headquartered Pinnacle and Tennessee Commerce are holding up better than their superregional competitors.
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