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Why Shares of Synovus Financial Soared on Tuesday

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Why Shares of Synovus Financial Soared on TuesdayPhoto, wide shot, wide-angle lens, Private equity firm, sunset photo at golden hour, photo by Thomas Heaton: https://img.theapi.app/temp/6a5872d8-cc25-46f8-b436-bf3db1953908.png

Shares of Synovus Financial (NYSE: SNV) climbed 13% on Tuesday after the regional banking company reported better-than-expected second quarter earnings. Bank stocks typically struggle during periods of economic turbulence and low interest rates, but Synovus held its own through the worst of the coronavirus pandemic.

Before markets opened Tuesday, Synovus reported second quarter adjusted earnings of $0.23 per share on revenue of $550.9 million, easily topping consensus expectations for $0.05 per share in earnings on sales of $445.18 million.

Image source: Getty Images.

Source Fool.com

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