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Synovus Financial (SNV)

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $53 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 289 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of Synovus, has been recognized as one of the country's 'Most Reputable Banks' by American Banker and the Reputation Institute.

Company profile

Ticker
SNV, SNV+E
Exchange
Website
CEO
Kessel Stelling
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
CB&T BANCSHARES INC
SEC CIK
Subsidiaries
100% Synovus Trust Company • 50% Sterling Place, L.L.C. • 40% Orchid, LLC • 100% The Summerton Inn, Inc. • 100% Global Financial Distributors, Inc. • 49.99% Azalea Park Partners, LP • 100% CB&T Special Limited • 20% West End Redevelopment Partnership, L.P. • 30% Tuscaloosa Riverfront Development, LLC • 99.99% CB&T Housing Fund Investor, L.L.C. ...
IRS number
581134883

SNV stock data

Investment data

Data from SEC filings
Securities sold
Number of investors
Top 50 of 834 long holdings
End of quarter 30 Jun 22
Value
 
#Shares
 
$907.57M 8.2M
$758.84M 5.23M
$637.75M 2.92M
$608.41M 9.67M
$211.73M 5.87M
$180.31M 1.06M
$174.81M 1.04M
$165.94M 1.21M
$138.56M 539.37K
$128.02M 1.8M
$126.24M 334.63K
$117.42M 1.48M
$113.86M 3.44M
$113.84M 3.87M
Vanguard Tax-managed Intl FD
$105.35M 2.58M
$85.08M 3.56M
$84.54M 465.29K
$82.73M 1.28M
$82.6M 906.67K
$71.59M 1.29M
$68.63M 250.27K
$63.58M 2.16M
$63.22M 737.75K
Vanguard Specialized Funds
$62.53M 435.86K
$57.63M 543K
$56.47M 25.91K
$54.27M 1.11M
$52.37M 294.79K
$52.25M 161.24K
$50.3M 123
$49.72M 812.84K
$46.07M 412.4K
$41.7M 370.24K
$40.67M 340.84K
$39.85M 637.88K
$39.1M 270.21K
$37.79M 372.09K
$37.08M 406.71K
$35.48M 677.16K
$35.1M 263.86K
$33.41M 65K
Vanguard Intl Equity Index F (FTSE EMR MKT ETF)
$32.47M 779.68K
$30.26M 257.16K
$30.07M 70K
$29.83M 120.93K
$29.2M 115.19K
$28.46M 191.99K
$27.78M 140.99K
Vanguard Intl Equity Index F (FTSE EUROPE ETF)
$27.42M 519.12K
$26.8M 534.86K
Holdings list only includes long positions. Only includes long positions.

Calendar

2 Aug 22
11 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.67B 1.67B 1.67B 1.67B 1.67B 1.67B
Cash burn (monthly) (no burn) 133.13M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 187.31M n/a n/a n/a n/a
Cash remaining n/a 1.48B n/a n/a n/a n/a
Runway (months of cash) n/a 11.1 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
25 Jul 22 Shellie Creson Common Stock Grant Acquire A No No 40.5 27,161 1.1M 27,161
5 Jul 22 Andrew J. JR. Gregory Common Stock Payment of exercise Dispose F No No 36.05 14 504.7 27,667
77.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 424 412 +2.9%
Opened positions 59 75 -21.3%
Closed positions 47 35 +34.3%
Increased positions 129 121 +6.6%
Reduced positions 150 135 +11.1%
13F shares Current Prev Q Change
Total value 8.37B 5.46B +53.1%
Total shares 112.71M 114.09M -1.2%
Total puts 536.1K 162.2K +230.5%
Total calls 953.6K 430.5K +121.5%
Total put/call ratio 0.6 0.4 +49.2%
Largest owners Shares Value Change
Vanguard 14.64M $717.23M +1.4%
BLK Blackrock 13.04M $639.17M -0.0%
Wellington Management 9.35M $458.34M -6.5%
STT State Street 6.23M $307.59M -5.5%
SNV Synovus Financial 5.41M $264.87M -8.3%
FMR 3.75M $183.64M +13.1%
Alliancebernstein 3.49M $170.88M -2.9%
MCQEF Macquarie 3M $147.03M -0.7%
Charles Schwab Investment Management 2.85M $139.45M -3.3%
Dimensional Fund Advisors 2.84M $139.13M +0.2%
Largest transactions Shares Bought/sold Change
SAMG Silvercrest Asset Management 2.71M +1.59M +141.7%
Norges Bank 0 -1.43M EXIT
Scout Investments 1.57M +1.12M +250.9%
BMO Bank of Montreal 19.22K -1.01M -98.1%
Wellington Management 9.35M -648.29K -6.5%
American Century Companies 751.68K +581K +340.4%
SNV Synovus Financial 5.41M -486.45K -8.3%
BK Bank Of New York Mellon 2.35M -477.93K -16.9%
FMR 3.75M +435.2K +13.1%
Alyeska Investment 424.95K +424.95K NEW

Financial report summary

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Risks
  • Competition in the financial services industry may adversely affect our future earnings and growth.
  • We may not realize the expected benefits from our strategic initiatives, either in whole or in part, which could negatively impact our future profitability.
  • The implementation of new lines of business, new products and services and new technologies may subject us to additional risk.
  • We may pursue bank and non-bank acquisition opportunities as they arise. However, even if we identify attractive acquisition opportunities, we may not be able to complete such acquisitions on favorable terms or realize the anticipated benefits from such acquisitions.
  • Failure to attract and retain employees and the impact of senior leadership transitions may adversely impact our ability to successfully execute our growth and efficiency strategies.
  • The financial services market is undergoing rapid technological changes, and if we are unable to stay current with those changes, we will not be able to effectively compete.
  • We may not be able to successfully implement current or future information technology system enhancements and operational initiatives, which could adversely affect our business operations and profitability.
  • We rely extensively on information technology systems to operate our business and an interruption or security breach may disrupt our business operations, result in reputational harm and have an adverse effect on our operations.
  • If our enterprise risk management framework is not effective at mitigating risk and loss to us, we could suffer unexpected losses and our results of operations could be materially adversely affected.
  • Our ability to maintain our reputation is critical to the success of our business, and the failure to do so may materially adversely affect our performance.
  • We rely on other companies to provide key components of our business infrastructure.
  • Our independent sales organization relationships are complex and may expose us to losses.
  • The costs and effects of litigation, investigations or similar matters involving us or other financial institutions or counterparties, or adverse facts and developments related thereto, could materially affect our business, operating results and financial condition.
  • Changes in interest rates may have an adverse effect on our net interest income.
  • Our allowance for credit losses may not cover actual losses, and we may be required to materially increase our allowance, which may adversely affect our capital, financial condition and results of operations.
  • Changes in the cost and availability of funding due to changes in the deposit market and credit market may adversely affect our capital resources, liquidity and financial results.
  • Changes in our asset quality could adversely affect our results of operations and financial condition.
  • If Synovus Bank loses or is unable to grow its deposits, it may be subject to liquidity risk and higher funding costs.
  • We could realize losses if we determine to sell non-performing assets and the proceeds we receive are lower than the carrying value of such assets.
  • We may not be able to generate sufficient cash to service all of our debt and repay maturing debt obligations.
  • The fiscal and monetary policies of the federal government and its agencies could have a material adverse effect on our earnings.
  • The banking industry is highly regulated, and the regulatory framework, together with any future legislative or regulatory changes, may have a significant adverse effect on our business, financial condition or results of operations.
  • We may become subject to supervisory actions and enhanced regulation that could have a material adverse effect on our business, reputation, operating flexibility, financial condition and the value of our common stock and preferred stock.
  • We may be required to conserve capital or undertake additional strategic initiatives to improve our capital position due to changes in economic conditions or changes in regulatory capital rules.
  • Inflation could negatively impact our business, our profitability and our stock price.
  • Any future economic downturn could have a material adverse effect on our capital, financial condition, results of operations, and future growth.
  • Interest rates on our outstanding financial instruments might be subject to change based on developments related to LIBOR, which could adversely affect our revenue, expense, and the value of our financial instruments.
  • Our concentrated operations in the Southeastern U.S. make us vulnerable to local economic conditions, local weather catastrophes, public health issues and other external events, which could adversely affect our results of operations and financial condition.
Management Discussion
  • ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • The U.S. economy contracted in the first half of 2020, ending the longest expansionary period in U.S. history, due to the COVID-19 pandemic. During March 2020, in an effort to lessen the impact of COVID-19 on consumers and businesses, the Federal Reserve reduced the federal funds rate 1.5 percentage points to 0.00 to 0.25 percent and the U.S. government enacted the CARES Act, the largest economic stimulus package in the nation’s history. Synovus responded to the pandemic, beginning in March 2020, by supporting our clients, employees, and communities with such measures as remote work capabilities and branch service enhancements, loan payment deferrals, and accelerated investments in several technology initiatives that provided more convenience and a better digital experience as clients adapted to this highly virtual environment. Synovus participated in the PPP and funded approximately 28,000 loans totaling nearly $3.9 billion under the programs available in both 2020 and 2021.
  • Additional government spending measures and the availability of vaccines improved consumer confidence and demand, and the economy largely reopened in 2021, leading to a reduction in the unemployment rate and accelerated GDP growth. While 2021 has seen a recovery in the U.S. economy compared to 2020, uncertainty and market disruptions such as additional coronavirus variants, pandemic-related supply chain issues and labor shortages persist. The economic expansion has been met with inflationary pressures that are expected to result in FOMC policy-tightening in 2022, likely including multiple interest rate hikes. With a strong asset-sensitive balance sheet and our position in Southeast markets that have generally avoided prolonged lockdowns, Synovus expects increases in loan demand and interest rates will improve returns going forward.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
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Removed: acceleration, ago, charge, count, declining, emergency, extended, improving, retirement, stated, timing, view