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 Monday.

According to Zacks, “Synovus’ third-quarter 2016 earnings surpassed the Zacks Consensus Estimate. Higher revenues were partially offset by a rise in expenses and a significant increase in provisions. The company is well poised for the future driven by organic and inorganic growth strategies. In Oct 2016, Synovus acquired Entaire Global Companies, Inc. and management expects the transaction to be immediately accretive to its earnings, return on equity and return on assets. However, escalating expenses owing to continued investment in technology upgradations makes us apprehensive. Also, a stringent regulatory landscape remains a key near-term concern for the company.”

A number of other equities analysts also recently commented on the company. Barclays PLC boosted their price objective on Synovus Financial Corp. from $29.00 to $31.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 20th. Credit Agricole SA downgraded Synovus Financial Corp. from an “outperform” rating to an “underperform” rating in a research report on Wednesday, October 19th. Wells Fargo & Co. downgraded Synovus Financial Corp. from a “market perform” rating to an “underperform” rating in a research report on Tuesday, August 23rd. Finally, Hovde Group boosted their price objective on Synovus Financial Corp. from $34.00 to $35.50 and gave the stock an “outperform” rating in a research report on Friday, August 19th. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $32.29.

Analyst Recommendations for Synovus Financial Corp. (NYSE:SNV)

Shares of Synovus Financial Corp. (NYSE:SNV) opened at 38.59 on Monday. The stock has a market capitalization of $4.72 billion, a PE ratio of 21.69 and a beta of 1.31. The firm has a 50-day moving average of $33.01 and a 200 day moving average of $31.51. Synovus Financial Corp. has a 1-year low of $25.48 and a 1-year high of $38.65.

Synovus Financial Corp. (NYSE:SNV) last released its earnings results on Tuesday, October 18th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.02. Synovus Financial Corp. had a return on equity of 8.68% and a net margin of 18.68%. During the same period in the prior year, the company posted $0.42 earnings per share. Analysts predict that Synovus Financial Corp. will post $1.89 EPS for the current year.

In other Synovus Financial Corp. news, VP Mark G. Holladay sold 6,035 shares of the business’s stock in a transaction that occurred on Thursday, October 27th. The stock was sold at an average price of $33.28, for a total value of $200,844.80. Following the completion of the sale, the vice president now owns 53,967 shares in the company, valued at $1,796,021.76. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Curtis J. Perry sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 8th. The shares were sold at an average price of $33.66, for a total value of $269,280.00. Following the completion of the sale, the executive vice president now owns 57,125 shares of the company’s stock, valued at approximately $1,922,827.50. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Synovus Financial Corp. by 3.4% in the second quarter. Vanguard Group Inc. now owns 9,361,235 shares of the company’s stock worth $271,383,000 after buying an additional 311,646 shares in the last quarter. BlackRock Fund Advisors boosted its stake in shares of Synovus Financial Corp. by 3.2% in the third quarter. BlackRock Fund Advisors now owns 4,680,736 shares of the company’s stock worth $152,264,000 after buying an additional 144,953 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Synovus Financial Corp. by 46.9% in the third quarter. Victory Capital Management Inc. now owns 4,184,195 shares of the company’s stock worth $136,112,000 after buying an additional 1,336,412 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Synovus Financial Corp. by 4.9% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 4,072,278 shares of the company’s stock worth $132,471,000 after buying an additional 191,677 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Synovus Financial Corp. by 4.0% in the third quarter. Bank of New York Mellon Corp now owns 2,659,307 shares of the company’s stock worth $86,506,000 after buying an additional 102,725 shares in the last quarter. Institutional investors own 78.58% of the company’s stock.

About Synovus Financial Corp.

Synovus Financial Corp. is a financial services 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 over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.

5 Day Chart for NYSE:SNV

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