Zacks Investment Research Lowers Synovus Financial Corp. (SNV) to Hold
Synovus Financial Corp. (NYSE:SNV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Shares of Synovus have outperformed the industry year to date. This price performance is backed by impressive earnings surprise history. The company has surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. We believe the company’s organic and inorganic growth strategies position the company well for the future. Further, Synovus’ focus on balance-sheet growth encourages us. The company’s impressive capital deployment activities reflect its strong capital position. Though escalating expenses remain a concern, the margin pressure also seems to be easing on the back of gradually improving rate scenario.”
Several other equities research analysts have also weighed in on SNV. BidaskClub lowered Synovus Financial Corp. from a “sell” rating to a “strong sell” rating in a research note on Monday, August 14th. ValuEngine lowered Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Stephens set a $46.00 price objective on Synovus Financial Corp. and gave the company a “buy” rating in a research note on Tuesday, August 15th. Jefferies Group LLC reiterated a “hold” rating and issued a $47.00 price objective on shares of Synovus Financial Corp. in a research note on Friday, July 14th. Finally, Royal Bank Of Canada assumed coverage on Synovus Financial Corp. in a research note on Monday, July 17th. They issued an “outperform” rating and a $51.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $42.30.
Shares of Synovus Financial Corp. (NYSE:SNV) traded down 0.53% during mid-day trading on Thursday, hitting $43.04. The company had a trading volume of 220,676 shares. The firm’s 50 day moving average is $42.56 and its 200-day moving average is $42.34. The firm has a market cap of $5.23 billion, a PE ratio of 19.55 and a beta of 1.12. Synovus Financial Corp. has a 12-month low of $31.41 and a 12-month high of $45.38.
Synovus Financial Corp. (NYSE:SNV) last released its quarterly earnings data on Tuesday, July 18th. The bank reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.01. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The company had revenue of $319.80 million for the quarter, compared to analyst estimates of $317.81 million. During the same period in the prior year, the company posted $0.46 EPS. The company’s revenue was up 10.5% compared to the same quarter last year. On average, equities analysts expect that Synovus Financial Corp. will post $2.46 EPS for the current year.
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In other Synovus Financial Corp. news, EVP Kevin Joseph Howard sold 7,000 shares of the company’s stock in a transaction 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 transaction, the executive vice president now owns 46,490 shares of the company’s stock, valued at approximately $2,016,271.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Curtis J. Perry sold 7,062 shares of the company’s 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 transaction, the executive vice president now directly owns 60,038 shares in the company, valued at approximately $2,633,266.68. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of the business. BlackRock Inc. lifted its holdings in Synovus Financial Corp. by 3.6% during the 2nd quarter. BlackRock Inc. now owns 10,607,093 shares of the bank’s stock worth $469,257,000 after buying an additional 370,743 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Synovus Financial Corp. by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 10,598,706 shares of the bank’s stock worth $434,759,000 after buying an additional 375,030 shares in the last quarter. Synovus Financial Corp lifted its holdings in Synovus Financial Corp. by 0.7% during the 2nd quarter. Synovus Financial Corp now owns 5,997,976 shares of the bank’s stock worth $265,347,000 after buying an additional 43,034 shares in the last quarter. Eagle Asset Management Inc. lifted its holdings in Synovus Financial Corp. by 0.4% during the 2nd quarter. Eagle Asset Management Inc. now owns 2,690,133 shares of the bank’s stock worth $119,011,000 after buying an additional 10,163 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in Synovus Financial Corp. by 2.2% during the 2nd quarter. Alliancebernstein L.P. now owns 2,311,113 shares of the bank’s stock worth $102,244,000 after buying an additional 49,041 shares in the last quarter. 77.89% of the stock is currently owned by hedge funds and other institutional investors.
Synovus Financial Corp. Company Profile
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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