Synovus Financial Corp. (SNV) Given Average Recommendation of “Hold” by Brokerages
Shares of Synovus Financial Corp. (NYSE:SNV) have been assigned an average recommendation of “Hold” from the seventeen analysts that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, eleven have issued a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $42.75.
Several research analysts have weighed in on the stock. Barclays PLC reiterated an “equal weight” rating and issued a $46.00 price objective (up previously from $44.00) on shares of Synovus Financial Corp. in a research note on Wednesday, July 12th. 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. Stephens reiterated a “buy” rating and issued a $46.00 price objective on shares of Synovus Financial Corp. in a research note on Wednesday, July 19th. Royal Bank Of Canada assumed coverage on shares of 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. Finally, BidaskClub lowered shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th.
In other Synovus Financial Corp. news, EVP Kevin Joseph Howard sold 7,000 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 46,490 shares of the company’s stock, valued at $2,016,271.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Curtis J. Perry sold 7,062 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The stock was 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 directly owns 60,038 shares of the company’s stock, valued at $2,633,266.68. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Capital Analysts LLC grew its position in Synovus Financial Corp. by 10.3% in the second quarter. Capital Analysts LLC now owns 20,248 shares of the bank’s stock worth $896,000 after acquiring an additional 1,893 shares in the last quarter. Comerica Bank grew its position 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 acquiring an additional 3,751 shares in the last quarter. OppenheimerFunds Inc. grew its position in Synovus Financial Corp. by 34.9% in the first quarter. OppenheimerFunds Inc. now owns 7,726 shares of the bank’s stock worth $317,000 after acquiring an additional 1,998 shares in the last quarter. JPMorgan Chase & Co. grew its position 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 acquiring an additional 257,782 shares in the last quarter. Finally, California Public Employees Retirement System grew its position 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 acquiring an additional 29,100 shares in the last quarter. 77.89% of the stock is owned by institutional investors.
Shares of Synovus Financial Corp. (SNV) opened at 43.02 on Friday. The company’s 50-day moving average is $42.49 and its 200-day moving average is $42.35. The firm has a market cap of $5.23 billion, a price-to-earnings ratio of 19.54 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 results on Tuesday, July 18th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.01. Synovus Financial Corp. had a net margin of 20.68% and a return on equity of 9.88%. The business had revenue of $319.80 million for the quarter, compared to analyst estimates of $317.81 million. During the same quarter in the previous year, the business earned $0.46 earnings per share. The firm’s revenue was up 10.5% compared to the same quarter last year. On average, equities research analysts forecast that Synovus Financial Corp. will post $2.46 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Thursday, September 21st will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend is Wednesday, September 20th. Synovus Financial Corp.’s dividend payout ratio is 27.15%.
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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