Analysts Set Synovus Financial Corp. (SNV) Price Target at $51.92
Synovus Financial Corp. (NYSE:SNV) has received an average recommendation of “Hold” from the fifteen brokerages that are covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $51.73.
Several equities research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Synovus Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. Morgan Stanley increased their target price on shares of Synovus Financial from $50.00 to $52.00 and gave the company an “underperform” rating in a research report on Friday, January 26th. Barclays increased their target price on shares of Synovus Financial from $53.00 to $55.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 24th. Stephens reiterated a “buy” rating and issued a $56.00 target price on shares of Synovus Financial in a research report on Wednesday, January 24th. Finally, Bank of America raised their price objective on shares of Synovus Financial from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th.
In related news, VP Mark G. Holladay sold 5,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $50.16, for a total transaction of $250,800.00. Following the completion of the sale, the vice president now directly owns 52,063 shares in the company, valued at $2,611,480.08. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Philip W. Tomlinson sold 1,052 shares of the firm’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $48.82, for a total transaction of $51,358.64. Following the sale, the director now owns 27,139 shares of the company’s stock, valued at $1,324,925.98. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,502 shares of company stock valued at $425,198. 1.50% of the stock is owned by company insiders.
Shares of Synovus Financial (SNV) traded up $0.43 during midday trading on Tuesday, hitting $50.93. 552,089 shares of the company’s stock were exchanged, compared to its average volume of 960,777. Synovus Financial has a fifty-two week low of $37.95 and a fifty-two week high of $52.08. The company has a market capitalization of $6,055.42, a P/E ratio of 23.47, a price-to-earnings-growth ratio of 1.87 and a beta of 1.12. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.60.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.05. The company had revenue of $339.07 million during the quarter, compared to the consensus estimate of $338.60 million. Synovus Financial had a net margin of 18.27% and a return on equity of 11.20%. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.54 earnings per share. research analysts forecast that Synovus Financial will post 3.41 earnings per share for the current year.
Synovus Financial announced that its board has initiated a stock buyback program on Tuesday, January 23rd that permits the company to buyback $150.00 million in shares. This buyback authorization permits the bank to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
About Synovus Financial
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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