Keefe, Bruyette & Woods Analyst Jefferson Harralson says Synovus Financial Corp. (SNV) is one of his favorite stocks right now. He says the company hasn’t announced a specific goal, but Harralson believes Synovus is poised for significant loan growth.
“They are very aggressively hiring, which should translate into strong loan growth,” Harralson says. “They’re also very asset-sensitive; that should help the margin as rates go up.”
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Additionally, Harralson says Synovus is relatively cheap based on tangible book value. And, he says the company is aggressively buying back its shares.
“They recently put in an 8% buyback, and they brought back 2.5% of their shares in one quarter alone,” Harralson says. “So they’re generating very significant excess capital, and they have very significant earnings leverage coming in the next kind of four to six quarters, and the combination of that should push Synovus shares higher.”
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