A number of research firms have changed their ratings and price targets for Synovus Financial Corp. (NYSE: SNV):
- 4/20/2017 – Synovus Financial Corp. was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $46.00 price target on the stock. According to Zacks, “Synovus’ shares outperformed the Zacks categorized Southeast Banks industry over the last three months. Also, the company’s first-quarter 2017 earnings surpassed the Zacks Consensus Estimate, primarily driven by higher revenues. However, mounting expenses remained a headwind. The company’s organic and inorganic growth strategies position it well for the future. Further, Synovus’ focus on balance sheet growth also encourages us. The margin pressure seems to be easing on the back of gradually improving rate scenario. Though escalating expenses and stringent regulatory landscape pose near-term concerns, the company’s impressive capital deployment activities, reflect its strong capital position.”
- 4/7/2017 – Synovus Financial Corp. was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Synovus’ shares have outperformed the Zacks categorized Southeast Banks industry over the last three months. The company’s organic and inorganic growth strategies position it well for the future. Further, Synovus’ focus on balance sheet growth also encourages us. The margin pressure seems to be easing on the back of gradually improving rate scenario. Moreover, the company’s impressive capital deployment activities, such as the recent 25% hike in common stock dividend, reflect its strong capital position. However, escalating expenses are likely to deter Synovus’ bottom-line growth. Also, a stringent regulatory landscape remains near-term concern for the company.”
- 4/5/2017 – Synovus Financial Corp. had its “hold” rating reaffirmed by analysts at Jefferies Group LLC. They now have a $47.00 price target on the stock.
- 4/3/2017 – Synovus Financial Corp. had its “hold” rating reaffirmed by analysts at Keefe, Bruyette & Woods. They now have a $39.00 price target on the stock.
- 3/3/2017 – Synovus Financial Corp. was downgraded by analysts at Evercore ISI to a “buy” rating.
Shares of Synovus Financial Corp. (NYSE:SNV) traded up 1.76% on Thursday, reaching $42.11. The company had a trading volume of 564,017 shares. The stock has a 50 day moving average price of $41.12 and a 200-day moving average price of $39.34. The company has a market capitalization of $5.15 billion, a price-to-earnings ratio of 22.28 and a beta of 1.25. Synovus Financial Corp. has a 12 month low of $26.90 and a 12 month high of $44.09.
Synovus Financial Corp. (NYSE:SNV) last issued its earnings results on Tuesday, April 18th. The bank reported $0.57 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.06. The business had revenue of $311.77 million for the quarter, compared to analysts’ expectations of $303.05 million. Synovus Financial Corp. had a return on equity of 8.94% and a net margin of 19.04%. The company’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.43 EPS. Analysts forecast that Synovus Financial Corp. will post $2.25 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, April 3rd. Investors of record on Thursday, March 16th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.42%. This is a boost from Synovus Financial Corp.’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Tuesday, March 14th. Synovus Financial Corp.’s payout ratio is presently 25.26%.
In related news, General Counsel Allan E. Kamensky bought 1,110 shares of the firm’s stock in a transaction that occurred on Monday, February 13th. The shares were acquired at an average cost of $42.20 per share, for a total transaction of $46,842.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Allen J. Gula sold 2,450 shares of Synovus Financial Corp. stock in a transaction on Tuesday, January 24th. The stock was sold at an average price of $41.76, for a total value of $102,312.00. Following the completion of the transaction, the chief operating officer now owns 69,943 shares in the company, valued at $2,920,819.68. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
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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