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SNV

Financial Stocks Inching Lower; Synovous Rising After Keefe, Bruyette Upgrade to Outperform

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Financial stocks were slightly lower Tuesday, with the NYSE Financial Sector Index sinking about 0.1% and the S&P Financial 100 Index also falling about 0.1%.

In company news, Synovous Financial ( SNV ) shares advanced Tuesday after analysts at Keefe, Bruyette & Woods raised their recommendation for the bank holding company to Outperform following a recent decline in its share price.

In a new research note, KBW analyst Jefferson Harralson said SNV shares were down slightly more than 9% so far in 2014, slightly more than the 8% decline for the KBW Regional Bank Index this year. SNV shares surged 47% during 2013.

Harralson said he believes the pullback for SNV shares is unwarranted, creating another opportunity for investors to buy the stock at a reduced multiple. He also said the company appears to be well positioned with its assets, adding an improved interest-rate environment will be a plus for SNV.

SNV shares were up about 2.1% at $24.02 apiece in early afternoon trade, sitting just 5 cents under its session high. The stock has a 52-week range of $18.20 to $26.53 a share, rising 27% over that span.

In other sector news,

(+) SLG, (+0.1%) Climbs to new, multi-year high after adding to its Times Square real estate holdings, paying $41.1 mln for a property at the corner of 48th Street and Seventh Avenue in Manhattan.

(-) DRL, (-16.7%) Federal Reserve Bank of New York orders the bank to re-classify its $229.3 mln tax-receivable agreement with the Commonwealth of Puerto Rico as a loss and write off the asset from its balance sheet and Tier 1 capital calculations.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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