Synovus Financial (NYSE:SNV) Rating Lowered to Hold at ValuEngine

ValuEngine lowered shares of Synovus Financial (NYSE:SNV) from a buy rating to a hold rating in a research report sent to investors on Friday, November 10th.

A number of other analysts also recently issued reports on SNV. Zacks Investment Research downgraded Synovus Financial from a buy rating to a hold rating in a research report on Thursday, July 13th. Jefferies Group reissued a hold rating and set a $47.00 price objective on shares of Synovus Financial in a research report on Friday, July 14th. BidaskClub downgraded Synovus Financial from a buy rating to a hold rating in a research report on Sunday, July 16th. Royal Bank Of Canada initiated coverage on Synovus Financial in a research report on Monday, July 17th. They set an outperform rating and a $51.00 price objective for the company. Finally, Stephens reissued a buy rating and set a $46.00 price objective on shares of Synovus Financial in a research report on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $45.64.

Shares of Synovus Financial (NYSE:SNV) traded up $1.80 on Friday, hitting $49.94. The company’s stock had a trading volume of 827,100 shares, compared to its average volume of 744,127. Synovus Financial has a twelve month low of $37.95 and a twelve month high of $49.99. The firm has a market cap of $5,950.00, a P/E ratio of 19.68, a PEG ratio of 2.37 and a beta of 1.12. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.66.

Synovus Financial (NYSE:SNV) last issued its earnings results on Tuesday, October 17th. The bank reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01. The business had revenue of $398.01 million during the quarter, compared to the consensus estimate of $331.27 million. Synovus Financial had a return on equity of 10.44% and a net margin of 21.39%. During the same period last year, the company earned $0.65 EPS. equities analysts expect that Synovus Financial will post 2.45 EPS for the current year.

In other news, EVP R Dallis Copeland, Jr. sold 10,000 shares of Synovus Financial stock in a transaction dated Thursday, October 19th. The stock was sold at an average price of $46.29, for a total value of $462,900.00. Following the completion of the transaction, the executive vice president now owns 43,488 shares in the company, valued at approximately $2,013,059.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Allen J. Gula sold 2,125 shares of Synovus Financial stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $47.11, for a total value of $100,108.75. Following the completion of the transaction, the chief operating officer now owns 72,561 shares of the company’s stock, valued at approximately $3,418,348.71. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Balentine LLC lifted its stake in Synovus Financial by 0.4% during the second quarter. Balentine LLC now owns 3,120 shares of the bank’s stock worth $138,000 after purchasing an additional 12 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Synovus Financial by 21.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock worth $145,000 after purchasing an additional 622 shares during the last quarter. TLP Group LLC purchased a new stake in Synovus Financial during the second quarter worth approximately $145,000. Advisory Services Network LLC lifted its stake in Synovus Financial by 17.8% during the second quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock worth $152,000 after purchasing an additional 519 shares during the last quarter. Finally, Patten Group Inc. lifted its stake in Synovus Financial by 61.1% during the third quarter. Patten Group Inc. now owns 5,729 shares of the bank’s stock worth $164,000 after purchasing an additional 2,172 shares during the last quarter. Institutional investors and hedge funds own 77.80% of the company’s stock.

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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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Analyst Recommendations for Synovus Financial (NYSE:SNV)

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