2. Synovus Financial
Shares Synovus Financial ( SNV) of Columbus, Ga., closed at $1.89 Friday, returning 35% year-to-date, following a 45% decline during 2011.

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The shares trade for 0.9 tangible book value, and for 10.5 times the consensus 2013 earnings estimate of 18 cents. The consensus 2012 EPS estimate is 10 cents.

The company owes $967.9 million in federal bailout funds received during 2008 through the Troubled Assets Relief Program, or TARP.

Synovus had $27.1 billion in total assets as of March 31. The company reported first-quarter net income available to common shareholders of $21.4 million, or 2.4 cents a share, compared to earnings to common shareholders of $12.8 million, or 1.4 cents a share in the fourth quarter, and a net loss to common shareholders of $93.7 million, or 11.9 cents a share, during the first quarter of 2011.

Sterne's #2 ranking for Synovus's regulatory risk from the coming stress tests factors-in a tangible common equity ratio of 6.8%, ranking 48th out of 54; and a Texas Ratio of 72.6%, for a 53rd-place ranking.

Hagerman rates Synovus "Underperform," with a $2.00 price target, saying in April that he expects to repay TARP in "2013 at the earliest," and that "although most credit measures continued to show incremental improvement, problem asset levels remain exceedingly high."

The analyst estimates that Synovus will earn five cents a share this year, followed by 2013 EPS of 15 cents.

Interested in more on Synovus Financial? See TheStreet Ratings' report card for this stock.

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