Zacks Investment Research upgraded shares of Synovus Financial Corp. (NYSE:SNV) from a hold rating to a buy rating in a report issued on Tuesday morning. Zacks Investment Research currently has $49.00 price target on the bank’s stock.
According to Zacks, “Shares of Synovus have outperformed the industry year to date. This price performance is backed by impressive earnings surprise history. The company has surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. We believe the company’s organic and inorganic growth strategies position the company well for the future. Further, Synovus’ focus on balance-sheet growth encourages us. The company’s impressive capital deployment activities reflect its strong capital position. Though escalating expenses remain a concern, the margin pressure also seems to be easing on the back of gradually improving rate scenario.”
A number of other brokerages have also recently issued reports on SNV. Jefferies Group LLC reiterated a hold rating and set a $47.00 price objective on shares of Synovus Financial Corp. in a research note on Sunday, June 11th. Robert W. Baird reiterated a hold rating and set a $40.00 price objective on shares of Synovus Financial Corp. in a research note on Friday, August 25th. BidaskClub cut Synovus Financial Corp. from a hold rating to a sell rating in a research note on Thursday, July 27th. Sanford C. Bernstein reiterated a market perform rating and set a $42.00 price objective (up previously from $41.00) on shares of Synovus Financial Corp. in a research note on Saturday. Finally, Royal Bank Of Canada assumed coverage on Synovus Financial Corp. in a research note on Monday, July 17th. They set an outperform rating and a $51.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company. The stock has an average rating of Hold and an average target price of $42.36.
Synovus Financial Corp. (NYSE SNV) opened at 43.56 on Tuesday. Synovus Financial Corp. has a 52-week low of $31.41 and a 52-week high of $45.38. The stock has a 50 day moving average of $42.51 and a 200-day moving average of $42.35. The company has a market cap of $5.29 billion, a price-to-earnings ratio of 19.78 and a beta of 1.12.
Synovus Financial Corp. (NYSE:SNV) last announced its quarterly earnings data on Tuesday, July 18th. The bank reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.01. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The company had revenue of $319.80 million for the quarter, compared to analysts’ expectations of $317.81 million. During the same quarter in the prior year, the business posted $0.46 EPS. The business’s revenue was up 10.5% compared to the same quarter last year. On average, analysts forecast that Synovus Financial Corp. will post $2.46 EPS for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Thursday, September 21st will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.38%. The ex-dividend date of this dividend is Wednesday, September 20th. Synovus Financial Corp.’s dividend payout ratio (DPR) is currently 27.15%.
In other news, EVP Kevin Joseph Howard sold 7,000 shares of the stock in a transaction on Friday, July 21st. The stock was sold at an average price of $43.37, for a total transaction of $303,590.00. Following the sale, the executive vice president now directly owns 46,490 shares of the company’s stock, valued at approximately $2,016,271.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Curtis J. Perry sold 7,062 shares of the stock in a transaction on Monday, July 24th. The stock was sold at an average price of $43.86, for a total value of $309,739.32. Following the sale, the executive vice president now directly owns 60,038 shares in the company, valued at $2,633,266.68. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SNV. Capital Analysts LLC boosted its stake in Synovus Financial Corp. by 10.3% in the second quarter. Capital Analysts LLC now owns 20,248 shares of the bank’s stock valued at $896,000 after buying an additional 1,893 shares in the last quarter. Comerica Bank boosted its stake in Synovus Financial Corp. by 4.1% in the first quarter. Comerica Bank now owns 94,751 shares of the bank’s stock valued at $4,037,000 after buying an additional 3,751 shares in the last quarter. OppenheimerFunds Inc. boosted its stake in Synovus Financial Corp. by 34.9% in the first quarter. OppenheimerFunds Inc. now owns 7,726 shares of the bank’s stock valued at $317,000 after buying an additional 1,998 shares in the last quarter. TD Asset Management Inc. boosted its stake in Synovus Financial Corp. by 11.5% in the second quarter. TD Asset Management Inc. now owns 31,135 shares of the bank’s stock valued at $1,377,000 after buying an additional 3,200 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Synovus Financial Corp. by 26.3% in the first quarter. JPMorgan Chase & Co. now owns 1,237,015 shares of the bank’s stock valued at $50,742,000 after buying an additional 257,782 shares in the last quarter. 77.86% 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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