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10 Bank Stocks Turning the Credit Corner

5. Synovus Financial

Shares of Synovus Financial (SNV - Get Report) of Columbus, Ga., closed at $1.09 Wednesday, down 58% year-to-date. Based on a one-cent quarterly payout, the shares have a dividend yield of 3.67%.

The company had $28.3 billion in total assets as of June 30, with a nonperforming assets ratio of 6.25%, declining from 6.35% the previous quarter, but increasing from 5.94% in June 2010, according to SNL Financial.

The company owes $967.9 million in TARP money.

Synovus reported a second-quarter net loss attributable to common shareholders of $53.5 million, or seven cents a share, compared to a loss of $93.7 million, or 12 cents a share, in the second quarter of 2010.

The company is still working through a high level of problem assets, although its provision for loan losses declined to $120.2 million in the second quarter, from $298.9 million a year earlier. Expenses on foreclosed real estate totaled $39.9 million in the second quarter, although this was a decline from $46.4 million a year earlier.

Sterne Agee analyst Todd Hagerman on Sept. 12 reiterated his neutral rating for Synovus, saying "market speculation surrounding a potential distressed purchase of SNV... keep us cautious, but Neutral for now."

The shares trade for 10 times the consensus 2012 EPS estimate of 11 cents, among analysts polled by FactSet, and less than half their June 30 tangible book value of $2.39, according to SNL.

Out of 21 analysts covering Synovus, five rate the shares a buy, 14 have neutral ratings, and two analysts recommend selling the shares.
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