Synovus Financial Corp. Rating Reiterated by Zacks (SNV)
Synovus Financial Corp. (NYSE:SNV)‘s stock had its “neutral” rating reiterated by Zacks in a note issued to investors on Monday, AnalystRatings.Net reports. They currently have a $3.50 target price on the stock. Zacks‘ target price would indicate a potential upside of 6.38% from the company’s current price.
Zacks‘ analyst wrote, “Synovus reported its second-quarter 2013 net income in line with the Zacks Consensus Estimate. A higher top line, a rise in deposits, and loans were the tailwinds for the quarter. Moreover, reduced non-interest expenses reflected prudent expense management. We believe Synovus has emerged from a recovery phase, driven by lower non-performing assets and improving operating efficiencies. Moreover, repayment of Troubled Asset Relief Program (TARP) dues depicts sustainable earnings in the upcoming quarters. However, regulatory issues, a low interest environment and significant exposure to residential real estate markets remain matters of concern. “
Shares of Synovus Financial Corp. (NYSE:SNV) traded down 0.61% on Monday, hitting $3.27. The stock had a trading volume of 1,600,103 shares. Synovus Financial Corp. has a 52-week low of $2.07 and a 52-week high of $3.52. The stock has a 50-day moving average of $3.29 and a 200-day moving average of $2.96. The company has a market cap of $3.199 billion and a price-to-earnings ratio of 3.88.
Synovus Financial Corp. (NYSE:SNV) last announced its earnings results on Thursday, July 18th. The company reported $0.03 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.03. During the same quarter last year, the company posted $0.03 earnings per share. Analysts expect that Synovus Financial Corp. will post $0.14 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend is Tuesday, September 17th.
A number of other analysts have also recently weighed in on SNV. Analysts at Drexel Hamilton downgraded shares of Synovus Financial Corp. (NYSE:SNV) from a “buy” rating to a “hold” rating in a research note to investors on Thursday, August 15th. They now have a $3.50 price target on the stock. They noted that the move was a valuation call. Separately, analysts at Jefferies Group reiterated a “hold” rating on shares of Synovus Financial Corp. (NYSE:SNV) in a research note to investors on Monday, July 22nd. They now have a $3.00 price target on the stock, up previously from $2.50. Finally, analysts at SunTrust raised their price target on shares of Synovus Financial Corp. (NYSE:SNV) from $2.80 to $3.30 in a research note to investors on Friday, July 19th. They now have a “neutral” rating on the stock. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $3.12.
Synovus Financial Corp. (NYSE:SNV) is a financial services and a bank holding company.
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