Synovus Financial Corp. (SNV) Rating Reiterated by SunTrust Banks, Inc.
Synovus Financial Corp. (NYSE:SNV)‘s stock had its “buy” rating reissued by analysts at SunTrust Banks, Inc. in a research note issued on Thursday. They currently have a $51.00 price target on the bank’s stock. SunTrust Banks, Inc.’s price objective indicates a potential upside of 8.83% from the stock’s current price.
SNV has been the topic of a number of other reports. Zacks Investment Research upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Tuesday, September 12th. BidaskClub downgraded Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. ValuEngine raised Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Jefferies Group LLC reissued a “hold” rating and set a $50.00 target price on shares of Synovus Financial Corp. in a research report on Thursday. Finally, Barclays PLC reissued an “equal weight” rating and set a $46.00 target price (up from $44.00) on shares of Synovus Financial Corp. in a research report on Wednesday, July 12th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $44.27.
Shares of Synovus Financial Corp. (SNV) traded down 0.53% on Thursday, reaching $46.86. The company had a trading volume of 410,300 shares. The company has a 50-day moving average price of $43.95 and a 200-day moving average price of $42.86. The firm has a market capitalization of $5.69 billion, a PE ratio of 21.28 and a beta of 1.10. Synovus Financial Corp. has a 52-week low of $31.83 and a 52-week high of $47.32.
Synovus Financial Corp. (NYSE:SNV) last posted its quarterly earnings data on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.01. The business had revenue of $319.80 million for the quarter, compared to analyst estimates of $317.81 million. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 earnings per share. Equities research analysts forecast that Synovus Financial Corp. will post $2.47 EPS for the current fiscal year.
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In other Synovus Financial Corp. news, EVP Curtis J. Perry sold 7,062 shares of Synovus Financial Corp. 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 sale, the executive vice president now directly owns 60,038 shares of the company’s stock, valued at $2,633,266.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kevin Joseph Howard sold 7,000 shares of Synovus Financial Corp. 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 sale, the executive vice president now directly owns 46,490 shares in the company, valued at $2,016,271.30. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Phocas Financial Corp. boosted its holdings in Synovus Financial Corp. by 4.6% during the second quarter. Phocas Financial Corp. now owns 348,500 shares of the bank’s stock valued at $15,418,000 after purchasing an additional 15,374 shares in the last quarter. Advisory Services Network LLC boosted its holdings in Synovus Financial Corp. by 17.8% during the second quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock valued at $152,000 after purchasing an additional 519 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Synovus Financial Corp. during the second quarter valued at approximately $278,000. Koch Industries Inc. acquired a new stake in Synovus Financial Corp. during the second quarter valued at approximately $283,000. Finally, Keel Point LLC boosted its holdings in Synovus Financial Corp. by 8.7% during the second quarter. Keel Point LLC now owns 6,262 shares of the bank’s stock valued at $277,000 after purchasing an additional 501 shares in the last quarter. 77.87% of the stock is currently owned by institutional investors.
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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