Synovus Financial Corp. (SNV) Upgraded at Zacks Investment Research
Synovus Financial Corp. (NYSE:SNV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $36.00 target price on the stock. Zacks Investment Research’s target price indicates a potential upside of 10.70% from the company’s previous close.
According to Zacks, “We remain encouraged by Synovus’ cost containment initiatives, which are expected to support bottom-line. Further, the company remains focused on inorganic growth opportunities backed by its strong capital position. In Aug 2016, Synovus inked deal to acquire Entaire Global Companies, Inc., with an aim to diversify its loan portfolio. Management expects the transaction to be immediately accretive to Synovus’ earnings per share, return on equity and return on assets. Also, the company is focused on disposing its distressed assets, thereby enhancing its balance sheet position. However, top-line pressure amid low interest rate environment and stringent regulations remain near-term headwinds.”
A number of other equities research analysts have also issued reports on SNV. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Synovus Financial Corp. in a research note on Saturday, July 9th. Bank of America Corp. lowered Synovus Financial Corp. from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 29th. Hovde Group upped their target price on Synovus Financial Corp. from $34.00 to $35.50 and gave the company an “outperform” rating in a research note on Friday, August 19th. Barclays PLC upped their target price on Synovus Financial Corp. from $29.00 to $31.00 and gave the company an “underweight” rating in a research note on Wednesday, July 20th. Finally, Wells Fargo & Co. lowered Synovus Financial Corp. from a “market perform” rating to an “underperform” rating in a research note on Tuesday, August 23rd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. Synovus Financial Corp. has an average rating of “Hold” and an average price target of $31.25.
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Shares of Synovus Financial Corp. (NYSE:SNV) traded down 0.261% during midday trading on Tuesday, hitting $32.435. The stock had a trading volume of 453,792 shares. The stock has a 50-day moving average price of $32.13 and a 200-day moving average price of $30.53. The stock has a market cap of $3.99 billion, a P/E ratio of 19.192 and a beta of 1.89. Synovus Financial Corp. has a 12-month low of $25.48 and a 12-month high of $33.80.
Synovus Financial Corp. (NYSE:SNV) last released its quarterly earnings results on Tuesday, July 19th. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.02. The business had revenue of $289.30 million for the quarter, compared to analysts’ expectations of $288.06 million. Synovus Financial Corp. had a return on equity of 8.42% and a net margin of 18.39%. During the same quarter in the prior year, the firm posted $0.40 EPS. Equities analysts forecast that Synovus Financial Corp. will post $1.86 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $0.48 annualized dividend and a yield of 1.48%. Synovus Financial Corp.’s dividend payout ratio is currently 28.24%.
Hedge funds have recently made changes to their positions in the stock. EJF Capital increased its stake in shares of Synovus Financial Corp. by 206.0% in the third quarter. EJF Capital now owns 1,530,002 shares of the company’s stock valued at $45,288,000 after buying an additional 1,030,000 shares in the last quarter. Eagle Asset Management increased its stake in shares of Synovus Financial Corp. by 84.1% in the third quarter. Eagle Asset Management now owns 4,396,274 shares of the company’s stock valued at $130,128,000 after buying an additional 2,008,333 shares in the last quarter. Janus Capital Management increased its stake in shares of Synovus Financial Corp. by 62.4% in the third quarter. Janus Capital Management now owns 133,200 shares of the company’s stock valued at $3,943,000 after buying an additional 51,200 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake in shares of Synovus Financial Corp. by 7.9% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 177,433 shares of the company’s stock valued at $5,745,000 after buying an additional 13,059 shares in the last quarter. Finally, Retirement Systems of Alabama increased its stake in shares of Synovus Financial Corp. by 0.3% in the fourth quarter. Retirement Systems of Alabama now owns 167,815 shares of the company’s stock valued at $5,434,000 after buying an additional 421 shares in the last quarter. Institutional investors own 76.68% of the company’s stock.
About Synovus Financial Corp.
Synovus Financial Corp. is a financial services and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services to its customers through over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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