Synovus Financial Corp. (SNV) Downgraded by ValuEngine to “Hold”
Synovus Financial Corp. (NYSE:SNV) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a report issued on Thursday.
Other research analysts have also issued reports about the stock. Barclays PLC set a $48.00 price target on shares of Synovus Financial Corp. and gave the company a “hold” rating in a research note on Wednesday, July 19th. Stephens set a $46.00 price target on shares of Synovus Financial Corp. and gave the company a “buy” rating in a research note on Tuesday, August 15th. Royal Bank Of Canada began coverage on shares of Synovus Financial Corp. in a research note on Monday, July 17th. They issued an “outperform” rating and a $51.00 target price on the stock. Zacks Investment Research lowered shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Finally, BidaskClub lowered shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company’s stock. Synovus Financial Corp. presently has an average rating of “Hold” and a consensus target price of $42.50.
Synovus Financial Corp. (NYSE:SNV) traded down 1.58% during midday trading on Thursday, hitting $40.52. The company had a trading volume of 772,306 shares. The firm has a market capitalization of $4.92 billion, a P/E ratio of 18.40 and a beta of 1.12. The company has a 50 day moving average price of $42.68 and a 200 day moving average price of $42.35. Synovus Financial Corp. has a 1-year low of $31.41 and a 1-year high of $45.38.
Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings results on Tuesday, July 18th. The bank reported $0.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.01. The firm had revenue of $319.80 million for the quarter, compared to analyst estimates of $317.81 million. Synovus Financial Corp. had a net margin of 20.68% and a return on equity of 9.88%. Synovus Financial Corp.’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period last year, the company posted $0.46 EPS. Equities research analysts forecast 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 firm’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $43.86, for a total transaction of $309,739.32. Following the completion of the sale, the executive vice president now owns 60,038 shares in the company, valued at approximately $2,633,266.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kevin Joseph Howard sold 7,000 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $43.37, for a total transaction of $303,590.00. Following the sale, the executive vice president now owns 46,490 shares of the company’s stock, valued at approximately $2,016,271.30. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Advisory Services Network LLC acquired a new stake in shares of Synovus Financial Corp. during the 1st quarter worth approximately $120,000. Balentine LLC acquired a new stake in shares of Synovus Financial Corp. during the 3rd quarter worth approximately $100,000. Envestnet Asset Management Inc. increased its holdings in shares of Synovus Financial Corp. by 10.1% during the 4th quarter. Envestnet Asset Management Inc. now owns 3,232 shares of the bank’s stock worth $132,000 after buying an additional 297 shares during the last quarter. TLP Group LLC acquired a new stake in shares of Synovus Financial Corp. during the 2nd quarter worth approximately $145,000. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Synovus Financial Corp. during the 1st quarter worth approximately $135,000. Institutional investors and hedge funds own 77.89% 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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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