Synovus Financial Corp. (SNV) Rating Lowered to Hold at Zacks Investment Research
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 Tuesday.
According to Zacks, “Shares of Synovus have outperformed the industry year to date. This price performance is backed by the impressive earnings surprise history. The company has surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. Top-line strength backed by strong loans & deposits balances and easing margin pressure drove third-quarter 2017 earnings. Synovus’ organic and inorganic growth strategies position the company well for the future. Further, its focus on balance-sheet growth keeps us encouraged. The company’s promising capital deployment activities reflect its strong capital position. However, escalating expenses remain a concern.”
Other research analysts have also recently issued reports about the stock. Stephens reissued a “buy” rating and set a $46.00 price target on shares of Synovus Financial Corp. in a report on Wednesday, July 19th. SunTrust Banks, Inc. reissued a “buy” rating and set a $51.00 price target on shares of Synovus Financial Corp. in a report on Thursday, October 12th. Barclays PLC restated 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. BidaskClub lowered shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. Finally, Jefferies Group LLC restated a “hold” rating and set a $47.00 target price on shares of Synovus Financial Corp. in a research report on Friday, July 14th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $45.09.
Synovus Financial Corp. (NYSE SNV) traded up 0.43% during midday trading on Tuesday, hitting $46.94. The stock had a trading volume of 223,709 shares. Synovus Financial Corp. has a 12 month low of $32.21 and a 12 month high of $47.67. The stock has a 50 day moving average of $45.57 and a 200 day moving average of $43.45. The stock has a market cap of $5.61 billion, a price-to-earnings ratio of 19.00 and a beta of 1.10.
Synovus Financial Corp. (NYSE:SNV) last posted its quarterly earnings results on Tuesday, October 17th. The bank reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 21.39% and a return on equity of 10.44%. During the same period in the prior year, the company posted $0.65 earnings per share. Analysts expect that Synovus Financial Corp. will post $2.57 EPS for the current fiscal year.
In other news, EVP R Dallis Copeland, Jr. sold 10,000 shares of the stock in a transaction that occurred on 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 directly owns 43,488 shares in the company, valued at $2,013,059.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Allen J. Gula sold 2,125 shares of the stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $47.11, for a total transaction of $100,108.75. Following the completion of the sale, the chief operating officer now owns 72,561 shares in the company, valued at $3,418,348.71. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Balentine LLC grew its position in shares of Synovus Financial Corp. by 0.4% in the second quarter. Balentine LLC now owns 3,120 shares of the bank’s stock valued at $138,000 after purchasing an additional 12 shares during the last quarter. TLP Group LLC acquired a new stake in shares of Synovus Financial Corp. in the second quarter valued at approximately $145,000. Advisory Services Network LLC grew its position in shares of Synovus Financial Corp. by 17.8% in 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 during the last quarter. PNC Financial Services Group Inc. grew its position in shares of Synovus Financial Corp. by 21.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock valued at $145,000 after purchasing an additional 622 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Synovus Financial Corp. by 11.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,608 shares of the bank’s stock valued at $204,000 after purchasing an additional 474 shares during the last quarter. Institutional investors and hedge funds own 79.14% 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.
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