Zacks Investment Research lowered shares of Synovus Financial Corp. (NYSE:SNV) from a buy rating to a hold rating in a research note released on Friday, July 28th.
According to Zacks, “Synovus’ shares outperformed the industry over the last six months. The company’s second-quarter 2017 earnings beat the Zacks Consensus Estimate. Rising revenues aided by strong loans & deposits balances were recorded. 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. Also, the margin pressure seems to be easing on the back of gradually improving rate scenario. Further, expectations of lesser regulations are likely to act as a tailwind for the company in the medium term. However, escalating expenses remain a concern.”
SNV has been the topic of several other research reports. ValuEngine raised Synovus Financial Corp. from a hold rating to a buy rating in a research note on Thursday, June 15th. Stephens reissued a buy rating and issued a $46.00 price objective on shares of Synovus Financial Corp. in a research note on Wednesday, July 19th. Barclays PLC reissued an equal weight rating and issued a $44.00 price objective (up from $42.00) on shares of Synovus Financial Corp. in a research note on Saturday, April 22nd. Jefferies Group LLC reissued a hold rating and issued a $47.00 price objective on shares of Synovus Financial Corp. in a research note on Friday, July 14th. Finally, Keefe, Bruyette & Woods reissued a hold rating and issued a $43.00 price objective on shares of Synovus Financial Corp. in a research note on Friday, May 19th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $42.78.
Shares of Synovus Financial Corp. (NYSE SNV) opened at 42.84 on Friday. The firm has a 50-day moving average of $43.90 and a 200 day moving average of $42.37. The company has a market capitalization of $5.21 billion, a P/E ratio of 19.46 and a beta of 1.12. Synovus Financial Corp. has a 1-year low of $31.41 and a 1-year high of $45.38.
Synovus Financial Corp. (NYSE:SNV) last issued its 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 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 for the quarter was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.46 earnings per share. On average, equities research analysts expect that Synovus Financial Corp. will post $2.46 earnings per share for the current year.
In other news, EVP Kevin Joseph Howard sold 7,000 shares of the firm’s stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $43.37, for a total transaction of $303,590.00. Following the sale, the executive vice president now owns 46,490 shares of the company’s stock, valued at approximately $2,016,271.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Curtis J. Perry sold 7,062 shares of the firm’s stock in a transaction dated Monday, July 24th. The stock was 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 disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNV. BlackRock Inc. raised its position in Synovus Financial Corp. by 3.6% in the second quarter. BlackRock Inc. now owns 10,607,093 shares of the bank’s stock valued at $469,257,000 after buying an additional 370,743 shares during the period. Vanguard Group Inc. raised its position in Synovus Financial Corp. by 3.7% in the first quarter. Vanguard Group Inc. now owns 10,598,706 shares of the bank’s stock valued at $434,759,000 after buying an additional 375,030 shares during the period. Synovus Financial Corp raised its position in Synovus Financial Corp. by 0.7% in the second quarter. Synovus Financial Corp now owns 5,997,976 shares of the bank’s stock valued at $265,347,000 after buying an additional 43,034 shares during the period. Eagle Asset Management Inc. raised its position in Synovus Financial Corp. by 0.4% in the second quarter. Eagle Asset Management Inc. now owns 2,690,133 shares of the bank’s stock valued at $119,011,000 after buying an additional 10,163 shares during the period. Finally, Alliancebernstein L.P. raised its position in Synovus Financial Corp. by 2.2% in the second quarter. Alliancebernstein L.P. now owns 2,311,113 shares of the bank’s stock valued at $102,244,000 after buying an additional 49,041 shares during the period. 77.61% of the stock is currently owned by institutional investors.
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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