There is a lot of potential for bank stocks in 2021, as coronavirus vaccines begin to circulate across the U.S. and the economy looks to rebound. The industry will face many challenges in the new year, but with many bank stocks still trading at lower valuations, there should be lots of opportunities in the sector.
One bank I have my eye on in particular is Synovus Financial (NYSE: SNV), which has been making changes in its business model that have the stock poised for a breakout in 2021. Here’s why.
Synovus Financial is a $53-billion-asset bank based in Columbus, Georgia, that also operates in Alabama, Florida, South Carolina, and Tennessee. The bank offers a range of products including private banking, treasury management, wealth management, mortgage services, premium finance, and international banking services.