Synovus Financial (SNV, Financial) is a leading regional bank in the Southeastern U.S., with more than $50 billionof assets and 288 branches. Bank stocks continued to perform very well in the first quarter as investors upgraded earnings expectations for them. Strong fourth quarter results, rising rates, and improving credit all contributed to the positive reassessment. Synovus benefitted more than most bank stocks due to its lower starting valuation, its higher level of reserves, and its greater than average asset-sensitivity.
From Keeley Teton's Small Cap Dividend Value Fund first-quarter 2021 commentary.
