Synovus Financial Corp. (SNV) Earns “Hold” Rating from Keefe, Bruyette & Woods
Synovus Financial Corp. (NYSE:SNV)‘s stock had its “hold” rating restated by analysts at Keefe, Bruyette & Woods in a research report issued to clients and investors on Thursday. They presently have a $48.00 price objective on the bank’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 1.48% from the company’s previous close.
A number of other brokerages have also issued reports on SNV. Barclays PLC set a $49.00 price target on Synovus Financial Corp. and gave the stock a “hold” rating in a research note on Wednesday. SunTrust Banks, Inc. reissued a “buy” rating and issued a $51.00 price target on shares of Synovus Financial Corp. in a research note on Thursday, October 12th. Jefferies Group LLC reissued a “hold” rating and issued a $50.00 price target on shares of Synovus Financial Corp. in a research note on Thursday, October 12th. Zacks Investment Research raised Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research note on Tuesday, September 19th. Finally, Sanford C. Bernstein reissued a “market perform” rating and issued a $42.00 price target (up from $41.00) on shares of Synovus Financial Corp. in a research note on Saturday, September 16th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $45.09.
Shares of Synovus Financial Corp. (SNV) traded up 1.15% on Thursday, hitting $47.30. 723,096 shares of the stock traded hands. The company has a market cap of $5.66 billion, a PE ratio of 22.96 and a beta of 1.10. The firm’s 50 day moving average is $44.73 and its 200-day moving average is $43.12. Synovus Financial Corp. has a 12 month low of $32.21 and a 12 month high of $47.67.
Synovus Financial Corp. (NYSE:SNV) last posted its quarterly earnings data on Tuesday, October 17th. The bank reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01. The firm had revenue of $398.01 million during the quarter, compared to analysts’ expectations of $331.27 million. Synovus Financial Corp. had a return on equity of 10.44% and a net margin of 21.39%. During the same quarter last year, the business posted $0.65 EPS. Equities analysts predict that Synovus Financial Corp. will post $2.47 earnings per share for the current year.
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In related news, EVP Curtis J. Perry sold 7,062 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $2,633,266.68. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP R Dallis Copeland, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Thursday, October 19th. The shares were sold at an average price of $46.29, for a total value of $462,900.00. Following the sale, the executive vice president now owns 43,488 shares in the company, valued at $2,013,059.52. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. APG Asset Management N.V. purchased a new stake in shares of Synovus Financial Corp. during the 3rd quarter valued at about $1,156,000. Meeder Asset Management Inc. raised its holdings in shares of Synovus Financial Corp. by 154.3% during the 3rd quarter. Meeder Asset Management Inc. now owns 8,363 shares of the bank’s stock valued at $385,000 after buying an additional 5,074 shares during the period. Phocas Financial Corp. raised its holdings in shares of Synovus Financial Corp. by 4.6% during the 2nd quarter. Phocas Financial Corp. now owns 348,500 shares of the bank’s stock valued at $15,418,000 after buying an additional 15,374 shares during the period. Advisory Services Network LLC raised its holdings in shares of Synovus Financial Corp. by 17.8% during the 2nd quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock valued at $152,000 after buying an additional 519 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Synovus Financial Corp. during the 2nd quarter valued at about $278,000. Institutional investors and hedge funds own 77.87% of the company’s stock.
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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