Synovus Financial Corp (NYSE:SNV) Not In Sync With Profitability
Very recently it had been announced that Synovus Financial Corp (NYSE:SNV) had completed all its procedural-formalities that were related to the “Troubled Asset Relief Program” and that it is now ready for redemption of $968M of its Series A shares. In line with the redemption of its TARP preferred-stock, SNV had gained approval from its shareholders and ensured a dividend of $680M from the Synovus bank.
This is a subsidiary of Synovus Financial Corp. (NYSE:SNV). In addition, the “Troubled Asset Relief Program” will include issue of a new offering of shares of $185M aggregate value of its common stock and $130M of preferred stock.
The public offering
Earlier ANR had fixed the pricing for a public offering of approximately 5.2M shares of 7.875% Series C-stock of Fixed-to-floating rate non-cumulative perpetual preferred shares. The shares had been priced at $25/share. It is expected that the public offering will generate net-proceeds of $125M for the company. The company expects to use the proceeds from this offering for the redemption program under its TARP plan in addition to the dividends that have been secured from the bank.
Latest trading session
On Thursday, the opening share price of the stock was $5.01 which reached an intraday high of $5.30 and closed at $5.27. Almost 0.172M shares were traded in Thursday’s trading session while the average volume of shares traded over 30 days was 10.60M. The 52-week low for the ANR stock is $1.88/share and 52-week high is $3.51/share. The company has a market cap of 1.16B
About the company
Synovus Financial Corp. (NYSE:SNV) is essentially a financial services as well as a bank-holding company. SNV offers integrated-financial services such as retail and commercial banking, mortgage and insurance services and financial management to its customers via 29, locally branded banking-divisions of its 100%-owned subsidiary Synovus Bank. It also has offices in Alabama, South Carolina, Georgia, Florida and Tennessee.