Zacks Reiterates Neutral Rating for Synovus Financial Corp. (SNV)
Synovus Financial Corp. (NYSE:SNV)‘s stock had its “neutral” rating reaffirmed by Zacks in a report released on Thursday. They currently have a $26.00 price target on the stock. Zacks‘s price objective indicates a potential upside of 4.80% from the company’s current price.
Zacks’ analyst wrote, “Synovus’ first-quarter 2014 net income more than doubled from the prior-year quarter figure, though results were in line with the Zacks Consensus Estimate. Lower provisions positively aided the results. Moreover, organic growth was reflected in the quarter. However, decline in mortgage banking income and higher expenses were on the downside. We believe Synovus has commendably recovered from the financial crunch as reflected from 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 absence of credible improvement in the mortgage market remain matters of concern. “
Other equities research analysts have also recently issued reports about the stock. Analysts at Drexel Hamilton upgraded shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday. Separately, analysts at Morgan Stanley upgraded shares of Synovus Financial Corp. to an “outperform” rating in a research note on Tuesday, June 3rd. Finally, analysts at Keefe, Bruyette & Woods upgraded shares of Synovus Financial Corp. from a “market perform” rating to an “outperform” rating in a research note on Monday, June 2nd. They now have a $26.25 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $21.03.
Synovus Financial Corp. (NYSE:SNV) traded down 1.27% on Thursday, hitting $24.495. 1,208,084 shares of the company’s stock traded hands. Synovus Financial Corp. has a one year low of $18.76 and a one year high of $26.53. The stock’s 50-day moving average is $23.16 and its 200-day moving average is $23.83. The company has a market cap of $3.404 billion and a price-to-earnings ratio of 22.23. Synovus Financial Corp. also saw a significant drop in short interest in May. As of May 30th, there was short interest totalling 3,718,867 shares, a drop of 79.0% from the May 15th total of 17,736,205 shares. Based on an average trading volume of 5,658,395 shares, the short-interest ratio is currently 0.7 days. Approximately 2.7% of the company’s shares are short sold.
Synovus Financial Corp. (NYSE:SNV) last posted its quarterly earnings results on Tuesday, April 22nd. The company reported $0.05 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.05. During the same quarter last year, the company posted $0.02 earnings per share. Analysts expect that Synovus Financial Corp. will post $1.42 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, July 1st. Stockholders of record on Thursday, June 19th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.13%. The ex-dividend date is Tuesday, June 17th.
Synovus Financial Corp. (NYSE:SNV) is a financial services and a bank holding company.
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