Synovus Financial Corp. (SNV) PT Set at $46.00 by Stephens
Synovus Financial Corp. (NYSE:SNV) received a $46.00 price target from Stephens in a report released on Tuesday. The firm presently has a “buy” rating on the bank’s stock. Stephens’ target price suggests a potential upside of 7.03% from the stock’s previous close.
Other equities analysts also recently issued research reports about the company. Zacks Investment Research downgraded Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. BidaskClub cut Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. ValuEngine upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Barclays PLC restated an “equal weight” rating and set a $46.00 target price (up from $44.00) on shares of Synovus Financial Corp. in a research note on Wednesday, July 12th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $43.00 target price on shares of Synovus Financial Corp. in a research note on Friday, May 19th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. Synovus Financial Corp. currently has a consensus rating of “Hold” and a consensus price target of $42.78.
Shares of Synovus Financial Corp. (NYSE:SNV) traded up 0.4856% on Tuesday, hitting $43.1887. The stock had a trading volume of 71,029 shares. The stock has a market capitalization of $5.25 billion, a PE ratio of 19.6134 and a beta of 1.12. The firm’s 50 day moving average is $43.89 and its 200-day moving average is $42.36. Synovus Financial Corp. has a one year low of $31.41 and a one year high of $45.38.
Synovus Financial Corp. (NYSE:SNV) last announced its quarterly earnings results on Tuesday, July 18th. The bank reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.01. The firm had revenue of $319.80 million for the quarter, compared to the consensus estimate of $317.81 million. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The business’s revenue was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.46 earnings per share. Equities research analysts expect that Synovus Financial Corp. will post $2.46 earnings per share for the current fiscal year.
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In other news, EVP Curtis J. Perry sold 7,062 shares of the stock in a transaction on Monday, July 24th. The stock was sold at an average price of $43.86, for a total value of $309,739.32. Following the completion of the transaction, the executive vice president now directly owns 60,038 shares in the company, valued at approximately $2,633,266.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kevin Joseph Howard sold 7,000 shares of the stock in a transaction on Friday, July 21st. The shares were sold at an average price of $43.37, for a total value of $303,590.00. Following the completion of the transaction, the executive vice president now owns 46,490 shares of the company’s stock, valued at $2,016,271.30. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of SNV. Fox Run Management L.L.C. increased its stake in Synovus Financial Corp. by 72.2% in the first quarter. Fox Run Management L.L.C. now owns 9,300 shares of the bank’s stock worth $381,000 after buying an additional 3,900 shares during the last quarter. Comerica Bank increased its stake in Synovus Financial Corp. by 4.1% in the first quarter. Comerica Bank now owns 94,751 shares of the bank’s stock worth $4,037,000 after buying an additional 3,751 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Synovus Financial Corp. by 26.3% in the first quarter. JPMorgan Chase & Co. now owns 1,237,015 shares of the bank’s stock worth $50,742,000 after buying an additional 257,782 shares during the last quarter. California Public Employees Retirement System increased its stake in Synovus Financial Corp. by 9.1% in the first quarter. California Public Employees Retirement System now owns 350,057 shares of the bank’s stock worth $14,359,000 after buying an additional 29,100 shares during the last quarter. Finally, Credit Suisse AG increased its stake in Synovus Financial Corp. by 54.8% in the first quarter. Credit Suisse AG now owns 1,325,506 shares of the bank’s stock worth $54,372,000 after buying an additional 469,509 shares during the last quarter. Institutional investors and hedge funds own 77.61% of the company’s stock.
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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