New Efficiency Initiatives Make Synovus Financial a Compelling Play
Many analysts and investors already had high expectations for Synovus Financial (NYSE: SNV)
in 2021 because of the bank's attractive markets, adoption of technology, and growing fee income business lines. But another appealing aspect of the bank is its ongoing Synovus Forward initiative that is expected to increase profitability and improve efficiency to the point where Synovus is in the top quartile of its peer group. Recently, the bank announced that it would be increasing its efforts on this initiative, continuing to make the stock a compelling play long term.
Synovus Financial is a $54-billion-asset bank based in Columbus, Georgia, that also operates in Alabama, Florida, South Carolina, and Tennessee. All of the states the bank operates in have growing populations, and therefore, potentially great local and regional economies. Community and regional banks tend to strongly benefit from fast-growing economies because banks play a large role in fueling that growth.
Image source: Synovus Financial Corp.
Source Fool.com
