Barclays PLC Reiterates “$49.00” Price Target for Synovus Financial Corp. (SNV)
A number of other research analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Synovus Financial Corp. from a buy rating to a hold rating in a research report on Thursday, September 14th. Stephens restated a buy rating and issued a $46.00 price target on shares of Synovus Financial Corp. in a research report on Wednesday, July 19th. BidaskClub downgraded shares of Synovus Financial Corp. from a buy rating to a hold rating in a research report on Sunday, July 16th. Robert W. Baird restated a hold rating and issued a $40.00 price target on shares of Synovus Financial Corp. in a research report on Friday, August 25th. Finally, Sanford C. Bernstein restated a market perform rating and issued a $42.00 price target (up from $41.00) on shares of Synovus Financial Corp. in a research report on Saturday, September 16th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $45.09.
Shares of Synovus Financial Corp. (NYSE SNV) traded up 1.15% during midday trading on Wednesday, reaching $47.30. 723,096 shares of the company were exchanged. The stock’s 50-day moving average price is $44.73 and its 200-day moving average price is $43.12. Synovus Financial Corp. has a 52-week low of $32.21 and a 52-week high of $47.67. The company has a market capitalization of $5.66 billion, a PE ratio of 19.14 and a beta of 1.10.
Synovus Financial Corp. (NYSE:SNV) last announced its quarterly earnings data on Tuesday, October 17th. The bank reported $0.65 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.01. The company had revenue of $398.01 million during the quarter, compared to analyst estimates of $331.27 million. Synovus Financial Corp. had a net margin of 21.39% and a return on equity of 10.44%. During the same period last year, the business earned $0.65 EPS. Analysts anticipate that Synovus Financial Corp. will post $2.47 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Thursday, September 21st were given a $0.15 dividend. The ex-dividend date was Wednesday, September 20th. This represents a $0.60 annualized dividend and a yield of 1.27%. Synovus Financial Corp.’s dividend payout ratio is presently 24.19%.
In related news, EVP Curtis J. Perry sold 7,062 shares of Synovus Financial Corp. stock in a transaction dated Monday, July 24th. The shares were 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 approximately $2,633,266.68. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP R Dallis Copeland, Jr. sold 10,000 shares of Synovus Financial Corp. stock in a transaction dated Thursday, October 19th. The shares were sold at an average price of $46.29, for a total transaction of $462,900.00. Following the completion of the sale, the executive vice president now owns 43,488 shares in the company, valued at $2,013,059.52. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. APG Asset Management N.V. bought a new stake in Synovus Financial Corp. in the 3rd quarter valued at about $1,156,000. Meeder Asset Management Inc. lifted its position in Synovus Financial Corp. by 154.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 8,363 shares of the bank’s stock valued at $385,000 after purchasing an additional 5,074 shares during the last quarter. Phocas Financial Corp. lifted its position in Synovus Financial Corp. by 4.6% in the 2nd quarter. Phocas Financial Corp. now owns 348,500 shares of the bank’s stock valued at $15,418,000 after purchasing an additional 15,374 shares during the last quarter. Advisory Services Network LLC lifted its position in Synovus Financial Corp. by 17.8% in the 2nd quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock valued at $152,000 after purchasing an additional 519 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Synovus Financial Corp. in the 2nd quarter valued at about $278,000. Hedge funds and other institutional investors own 77.87% 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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