Synovus Financial (SNV) Upgraded to “Outperform” by FIG Partners
Synovus Financial (NYSE:SNV) was upgraded by equities researchers at FIG Partners from a “market perform” rating to an “outperform” rating in a report issued on Tuesday, MarketBeat reports. FIG Partners also issued estimates for Synovus Financial’s Q4 2018 earnings at $0.92 EPS, Q3 2019 earnings at $1.05 EPS, Q4 2019 earnings at $1.08 EPS, Q1 2020 earnings at $1.06 EPS and Q3 2020 earnings at $1.16 EPS.
A number of other research analysts have also weighed in on the stock. Morgan Stanley raised shares of Synovus Financial from an “equal weight” rating to an “overweight” rating and set a $50.00 target price on the stock in a research note on Monday. Keefe, Bruyette & Woods raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $55.00 target price on the stock in a research note on Thursday, November 8th. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating in a report on Wednesday, October 31st. They noted that the move was a valuation call. ValuEngine downgraded shares of Synovus Financial from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 24th. Finally, Barclays cut their price target on shares of Synovus Financial from $55.00 to $47.00 and set an “equal weight” rating for the company in a report on Wednesday, October 24th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $52.08.
SNV traded down $0.23 during trading on Tuesday, reaching $36.63. The company’s stock had a trading volume of 19,052 shares, compared to its average volume of 1,182,219. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.97 and a quick ratio of 0.97. Synovus Financial has a 1 year low of $36.24 and a 1 year high of $57.40. The firm has a market capitalization of $4.37 billion, a price-to-earnings ratio of 14.50, a price-to-earnings-growth ratio of 1.28 and a beta of 1.18.
In other news, CFO Kevin S. Blair purchased 750 shares of the business’s stock in a transaction dated Thursday, October 25th. The stock was acquired at an average price of $37.18 per share, for a total transaction of $27,885.00. Following the acquisition, the chief financial officer now directly owns 53,986 shares of the company’s stock, valued at $2,007,199.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Elizabeth W. Camp purchased 3,000 shares of the business’s stock in a transaction dated Thursday, October 25th. The shares were purchased at an average price of $36.97 per share, with a total value of $110,910.00. Following the acquisition, the director now directly owns 16,718 shares in the company, valued at $618,064.46. The disclosure for this purchase can be found here. 1.50% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in SNV. BlackRock Inc. increased its holdings in Synovus Financial by 11.3% in the 2nd quarter. BlackRock Inc. now owns 11,945,202 shares of the bank’s stock valued at $631,066,000 after purchasing an additional 1,210,436 shares during the last quarter. Carillon Tower Advisers Inc. increased its holdings in Synovus Financial by 52.3% in the 2nd quarter. Carillon Tower Advisers Inc. now owns 2,597,887 shares of the bank’s stock valued at $132,245,000 after purchasing an additional 891,789 shares during the last quarter. Chase Investment Counsel Corp acquired a new stake in Synovus Financial in the 2nd quarter valued at approximately $766,000. Voya Investment Management LLC increased its holdings in Synovus Financial by 23.7% in the 2nd quarter. Voya Investment Management LLC now owns 179,102 shares of the bank’s stock valued at $9,462,000 after purchasing an additional 34,263 shares during the last quarter. Finally, MERIAN GLOBAL INVESTORS UK Ltd acquired a new stake in Synovus Financial in the 3rd quarter valued at approximately $78,199,000. Institutional investors and hedge funds own 82.68% of the company’s stock.
About Synovus Financial
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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