Synovus Financial Corp. Stock Rating Upgraded by Zacks (SNV)
Synovus Financial Corp. (NYSE:SNV) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a report released on Friday, AR Network reports. The firm currently has a $3.75 price target on the stock. Zacks‘ target price would suggest a potential upside of 14.68% from the company’s current price.
Zacks‘ analyst wrote, “We have upgraded our recommendation on Synovus to Outperform from Neutral based on its cost-curtailment initiatives and strong capital position. However, regulatory issues, a low interest environment and significant exposure to residential real estate markets remain matters of concern. Additionally, the company 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. 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.”
Synovus Financial Corp. (NYSE:SNV) traded up 0.61% on Friday, hitting $3.29. 2,091,657 shares of the company’s stock traded hands. Synovus Financial Corp. has a 52 week low of $2.07 and a 52 week high of $3.52. The stock’s 50-day moving average is $3.28 and its 200-day moving average is $2.97. The company has a market cap of $3.219 billion and a P/E ratio of 3.85.
Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings data on Thursday, July 18th. The company reported $0.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.03. During the same quarter in the previous 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.
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, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Synovus Financial Corp. currently has an average rating of “Hold” and a consensus price target of $3.14.
Synovus Financial Corp. (NYSE:SNV) is a financial services and a bank holding company.
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