Synovus Financial (SNV) Downgraded by Zacks Investment Research

Synovus Financial (NYSE:SNV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

According to Zacks, “Shares of Synovus have outperformed the industry over the past six months. 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. Fourth-quarter 2017 results reflect robust organic growth, partially offset by higher expenses. Synovus’ organic and inorganic growth strategies position it 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 is likely to keep bottom-line under pressure.”

Other analysts also recently issued research reports about the stock. Robert W. Baird restated an “average” rating and set a $47.00 price target on shares of Synovus Financial in a report on Wednesday, January 3rd. SunTrust Banks restated a “buy” rating and set a $54.00 price target on shares of Synovus Financial in a report on Wednesday, November 29th. Stephens restated a “buy” rating and set a $56.00 price target on shares of Synovus Financial in a report on Wednesday, January 24th. Bank of America raised their price target on shares of Synovus Financial from $55.00 to $56.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. Finally, Barclays raised their price target on shares of Synovus Financial from $53.00 to $55.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 24th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $51.92.

Synovus Financial (NYSE:SNV) traded up $0.35 during mid-day trading on Tuesday, reaching $49.03. 139,936 shares of the company’s stock were exchanged, compared to its average volume of 906,857. The firm has a market cap of $5,720.15, a P/E ratio of 22.57, a price-to-earnings-growth ratio of 1.76 and a beta of 1.12. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.97 and a current ratio of 0.97. Synovus Financial has a 12 month low of $37.95 and a 12 month high of $52.08.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.05. The company had revenue of $339.07 million during the quarter, compared to the consensus estimate of $338.60 million. Synovus Financial had a net margin of 18.27% and a return on equity of 11.20%. Synovus Financial’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.54 EPS. analysts anticipate that Synovus Financial will post 3.41 earnings per share for the current year.

Synovus Financial announced that its board has authorized a stock buyback plan on Tuesday, January 23rd that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the bank to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

In related news, COO Allen J. Gula sold 2,450 shares of Synovus Financial stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $50.22, for a total value of $123,039.00. Following the completion of the sale, the chief operating officer now owns 70,111 shares in the company, valued at approximately $3,520,974.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Mark G. Holladay sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $50.16, for a total transaction of $250,800.00. Following the completion of the transaction, the vice president now directly owns 52,063 shares of the company’s stock, valued at approximately $2,611,480.08. The disclosure for this sale can be found here. Insiders sold a total of 8,502 shares of company stock valued at $425,198 in the last quarter. 1.50% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of the business. Calamos Advisors LLC purchased a new position in Synovus Financial in the 4th quarter valued at approximately $201,000. Carillon Tower Advisers Inc. purchased a new position in Synovus Financial in the 4th quarter valued at approximately $107,998,000. OppenheimerFunds Inc. boosted its position in Synovus Financial by 16.0% in the 4th quarter. OppenheimerFunds Inc. now owns 491,676 shares of the bank’s stock valued at $23,571,000 after buying an additional 67,885 shares during the period. TCW Group Inc. boosted its position in Synovus Financial by 1.9% in the 4th quarter. TCW Group Inc. now owns 105,925 shares of the bank’s stock valued at $5,078,000 after buying an additional 1,948 shares during the period. Finally, Rhumbline Advisers boosted its position in Synovus Financial by 5.6% in the 4th quarter. Rhumbline Advisers now owns 246,468 shares of the bank’s stock valued at $11,816,000 after buying an additional 12,962 shares during the period. 78.35% of the stock is owned by institutional investors.

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Synovus Financial 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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