Zacks Reiterates Outperform Rating for Synovus Financial Corp. (SNV)
Synovus Financial Corp. (NYSE:SNV)‘s stock had its “outperform” rating reiterated by Zacks in a research report issued to clients and investors on Thursday, Stock Ratings News reports. They currently have a $4.00 price target on the stock. Zacks‘ target price indicates a potential upside of 11.11% from the company’s current price.
Zacks‘ analyst wrote, “Synovus reported its third-quarter 2013 earnings in line with the Zacks Consensus Estimate but was above the prior-year quarter earnings. Lower expenses and significant improvement in credit quality were the tailwinds for the quarter. However, decline in the top-line offset the positives. We believe Synovus’ repayment of Troubled Asset Relief Program (TARP) dues depicts that it has emerged from the recovery phase and will deliver 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.”
Synovus Financial Corp. (NYSE:SNV) traded down 0.42% during mid-day trading on Thursday, hitting $3.585. 3,888,985 shares of the company’s stock traded hands. Synovus Financial Corp. has a 1-year low of $2.41 and a 1-year high of $3.61. The stock has a 50-day moving average of $3.41 and a 200-day moving average of $3.27. The company has a market cap of $3.486 billion and a price-to-earnings ratio of 4.19.
Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings data on Tuesday, October 22nd. The company reported $0.04 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.04. During the same quarter last year, the company posted $0.02 earnings per share.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, January 2nd. Shareholders of record on Thursday, December 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 1.11%. The ex-dividend date of this dividend is Tuesday, December 17th.
A number of other firms have also recently commented on SNV. Analysts at Compass Point raised their price target on shares of Synovus Financial Corp. from $3.50 to $4.00 in a research note to investors on Friday, December 20th. They now have a “buy” rating on the stock. Separately, analysts at Keefe, Bruyette & Woods raised their price target on shares of Synovus Financial Corp. from $3.25 to $3.75 in a research note to investors on Wednesday, October 23rd. Finally, analysts at Keefe, Bruyette & Woods downgraded shares of Synovus Financial Corp. from an “outperform” rating to a “market perform” rating in a research note to investors on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $3.27.
Synovus Financial Corp. (NYSE:SNV) is a financial services and a bank holding company.
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