Synovus Financial Corp. (SNV) Downgraded to “Hold” at ValuEngine
Synovus Financial Corp. (NYSE:SNV) was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating in a report released on Thursday.
A number of other research analysts have also issued reports on SNV. Bank of America Corporation raised Synovus Financial Corp. from a “neutral” rating to a “buy” rating and set a $23.00 target price on the stock in a report on Thursday, May 11th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $43.00 target price on shares of Synovus Financial Corp. in a report on Friday, May 19th. Jefferies Group LLC reaffirmed a “hold” rating and set a $47.00 target price on shares of Synovus Financial Corp. in a report on Sunday, June 11th. Barclays PLC reaffirmed an “equal weight” rating and set a $46.00 target price (up from $44.00) on shares of Synovus Financial Corp. in a report on Wednesday, July 12th. Finally, Zacks Investment Research lowered Synovus Financial Corp. from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $42.50.
Synovus Financial Corp. (NYSE:SNV) traded down 1.58% during midday trading on Thursday, hitting $40.52. 772,306 shares of the company traded hands. Synovus Financial Corp. has a 12-month low of $31.41 and a 12-month high of $45.38. The stock has a 50 day moving average of $42.68 and a 200 day moving average of $42.35. The stock has a market cap of $4.92 billion, a P/E ratio of 18.40 and a beta of 1.12.
Synovus Financial Corp. (NYSE:SNV) last released its earnings results 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. The firm had revenue of $319.80 million for the quarter, compared to analyst estimates of $317.81 million. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. Synovus Financial Corp.’s revenue was up 10.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.46 earnings per share. Equities research analysts predict that Synovus Financial Corp. will post $2.46 EPS for the current fiscal year.
In related news, 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 completion of the transaction, the executive vice president now owns 60,038 shares in the company, valued at approximately $2,633,266.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kevin Joseph Howard sold 7,000 shares of the stock in a transaction on Friday, July 21st. The shares were sold at an average price of $43.37, for a total value of $303,590.00. Following the completion of the transaction, the executive vice president now owns 46,490 shares of the company’s stock, valued at approximately $2,016,271.30. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Advisory Services Network LLC acquired a new position in shares of Synovus Financial Corp. in the 1st quarter valued at $120,000. Balentine LLC boosted its position in Synovus Financial Corp. by 0.3% during the 1st quarter. Balentine LLC now owns 3,108 shares of the bank’s stock worth $128,000 after acquiring an additional 9 shares during the period. TLP Group LLC acquired a new stake in Synovus Financial Corp. during the 2nd quarter worth about $145,000. Meeder Asset Management Inc. acquired a new stake in Synovus Financial Corp. during the 1st quarter worth about $135,000. Finally, PNC Financial Services Group Inc. boosted its position in Synovus Financial Corp. by 21.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock worth $145,000 after acquiring an additional 622 shares during the period. Institutional investors and hedge funds own 77.89% 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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