Synovus Financial Corp.’s (SNV) Hold Rating Reaffirmed at Keefe, Bruyette & Woods
Synovus Financial Corp. (NYSE:SNV)‘s stock had its “hold” rating restated by research analysts at Keefe, Bruyette & Woods in a note issued to investors on Friday. They currently have a $43.00 price target on the bank’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 4.52% from the stock’s previous close.
Other equities analysts have also recently issued research reports about the company. Evercore ISI cut Synovus Financial Corp. to a “buy” rating in a report on Friday, March 3rd. Zacks Investment Research raised Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a report on Thursday, April 20th. Bank of America Corp raised Synovus Financial Corp. from a “neutral” rating to a “buy” rating and set a $23.00 price target for the company in a report on Thursday, May 11th. Barclays PLC reissued an “equal weight” rating and set a $44.00 price target (up previously from $42.00) on shares of Synovus Financial Corp. in a report on Saturday, April 22nd. Finally, Jefferies Group LLC reissued a “hold” rating and set a $47.00 price target on shares of Synovus Financial Corp. in a report on Wednesday, April 5th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $38.81.
Shares of Synovus Financial Corp. (NYSE:SNV) opened at 41.22 on Friday. Synovus Financial Corp. has a 52 week low of $26.90 and a 52 week high of $44.09. The stock has a 50 day moving average price of $41.55 and a 200-day moving average price of $40.78. The firm has a market capitalization of $5.04 billion, a price-to-earnings ratio of 19.99 and a beta of 1.25.
Synovus Financial Corp. (NYSE:SNV) last posted its quarterly earnings results on Tuesday, April 18th. The bank reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.06. Synovus Financial Corp. had a return on equity of 8.94% and a net margin of 19.04%. The company had revenue of $311.77 million during the quarter, compared to analysts’ expectations of $303.05 million. During the same quarter in the previous year, the firm earned $0.43 EPS. Synovus Financial Corp.’s revenue was up 10.8% on a year-over-year basis. On average, equities research analysts forecast that Synovus Financial Corp. will post $2.42 earnings per share for the current year.
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In other Synovus Financial Corp. news, EVP Jeffrey Barton Singleton sold 10,500 shares of the company’s stock in a transaction dated Friday, April 21st. The stock was sold at an average price of $41.96, for a total value of $440,580.00. Following the completion of the transaction, the executive vice president now owns 58,781 shares of the company’s stock, valued at approximately $2,466,450.76. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP D Wayne Akins, Jr. sold 3,500 shares of the company’s stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $42.96, for a total value of $150,360.00. Following the completion of the transaction, the executive vice president now directly owns 34,994 shares of the company’s stock, valued at approximately $1,503,342.24. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. EJF Capital boosted its position in shares of Synovus Financial Corp. by 206.0% in the third quarter. EJF Capital now owns 1,530,002 shares of the bank’s stock worth $45,288,000 after buying an additional 1,030,000 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Synovus Financial Corp. by 238.1% in the second quarter. BNP Paribas Arbitrage SA now owns 62,043 shares of the bank’s stock valued at $1,799,000 after buying an additional 43,692 shares during the last quarter. Eagle Asset Management boosted 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 bank’s stock valued at $130,128,000 after buying an additional 2,008,333 shares during the last quarter. Teza Capital Management LLC bought a new stake in shares of Synovus Financial Corp. during the fourth quarter valued at $1,042,000. Finally, Janus Capital Management boosted 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 bank’s stock valued at $3,943,000 after buying an additional 51,200 shares during the last quarter. 77.43% of the stock is owned by institutional investors and hedge funds.
About Synovus Financial Corp.
Synovus Financial Corp. is a financial services company 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 locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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