Synovus Financial Corp. (SNV) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Synovus Financial Corp. (NYSE:SNV) from a buy rating to a hold rating in a research note published on Thursday.
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.”
SNV has been the topic of a number of other reports. BidaskClub cut shares of Synovus Financial Corp. from a buy rating to a hold rating in a research note on Sunday, July 16th. ValuEngine raised shares of Synovus Financial Corp. from a hold rating to a buy rating in a report on Thursday, June 15th. Barclays PLC reaffirmed an equal weight rating and set a $46.00 target price (up previously from $44.00) on shares of Synovus Financial Corp. in a report on Wednesday, July 12th. 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. Finally, Jefferies Group LLC reaffirmed a hold rating and set a $47.00 target price on shares of Synovus Financial Corp. in a report on Friday, July 14th. 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. Synovus Financial Corp. presently has a consensus rating of Hold and an average price target of $42.27.
Synovus Financial Corp. (NYSE:SNV) opened at 43.02 on Thursday. Synovus Financial Corp. has a 52 week low of $31.41 and a 52 week high of $45.38. The company has a market capitalization of $5.23 billion, a PE ratio of 19.54 and a beta of 1.12. The company has a 50-day moving average of $42.49 and a 200-day moving average of $42.35.
Synovus Financial Corp. (NYSE:SNV) last announced its quarterly earnings results on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.01. The company had revenue of $319.80 million for the quarter, compared to analysts’ expectations of $317.81 million. Synovus Financial Corp. had a net margin of 20.68% and a return on equity of 9.88%. Synovus Financial Corp.’s revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.46 EPS. On average, equities research analysts anticipate that Synovus Financial Corp. will post $2.46 EPS for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Thursday, September 21st will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date of this dividend is Wednesday, September 20th. Synovus Financial Corp.’s payout ratio is 27.15%.
In other news, EVP Curtis J. Perry sold 7,062 shares of the stock in a transaction on Monday, July 24th. The shares were sold at an average price of $43.86, for a total value of $309,739.32. Following the transaction, the executive vice president now owns 60,038 shares of the company’s stock, valued at approximately $2,633,266.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, 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 completion of the transaction, the executive vice president now directly owns 46,490 shares in the company, valued at approximately $2,016,271.30. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of SNV. Canada Pension Plan Investment Board increased its holdings in shares of Synovus Financial Corp. by 83.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 46,500 shares of the bank’s stock worth $1,907,000 after buying an additional 21,100 shares during the last quarter. Great West Life Assurance Co. Can increased its holdings in shares of Synovus Financial Corp. by 4.1% in the 1st quarter. Great West Life Assurance Co. Can now owns 70,598 shares of the bank’s stock worth $2,895,000 after buying an additional 2,780 shares during the last quarter. Elkfork Partners LLC increased its holdings in shares of Synovus Financial Corp. by 14.0% in the 1st quarter. Elkfork Partners LLC now owns 8,232 shares of the bank’s stock worth $338,000 after buying an additional 1,008 shares during the last quarter. Comerica Bank increased its holdings in shares of Synovus Financial Corp. by 4.1% in the 1st quarter. Comerica Bank now owns 94,751 shares of the bank’s stock worth $4,037,000 after buying an additional 3,751 shares during the last quarter. Finally, World Asset Management Inc increased its holdings in shares of Synovus Financial Corp. by 0.8% in the 1st quarter. World Asset Management Inc now owns 7,570 shares of the bank’s stock worth $311,000 after buying an additional 60 shares during the last quarter. 77.89% of the stock is currently owned by hedge funds and other institutional investors.
Synovus Financial Corp. 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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