Synovus Financial (SNV) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Synovus Financial (NYSE:SNV) from a buy rating to a hold rating in a research report released on Tuesday.

According to Zacks, “Shares of Synovus have outperformed the industry over the past six months. This price performance is backed by the impressive earnings surprise history. The company has surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. Fourth-quarter 2017 results reflect robust organic growth, partially offset by higher expenses. Synovus’ organic and inorganic growth strategies position it well for the future. Further, its focus on balance-sheet growth keeps us encouraged. The company’s promising capital deployment activities reflect its strong capital position. However, escalating expenses is likely to keep bottom-line under pressure.”

Several other equities analysts also recently weighed in on the company. Robert W. Baird reissued a hold rating and set a $43.00 price target on shares of Synovus Financial in a research report on Friday, October 20th. ValuEngine downgraded Synovus Financial from a buy rating to a hold rating in a research report on Friday, November 10th. SunTrust Banks reissued a buy rating and set a $54.00 price target on shares of Synovus Financial in a research report on Wednesday, November 29th. Keefe, Bruyette & Woods reissued a hold rating and set a $48.00 price target on shares of Synovus Financial in a research report on Thursday, October 19th. Finally, Barclays set a $49.00 price target on Synovus Financial and gave the stock a hold rating in a research report on Wednesday, October 18th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $51.92.

Synovus Financial (NYSE:SNV) opened at $48.93 on Tuesday. Synovus Financial has a one year low of $37.95 and a one year high of $52.08. The firm has a market capitalization of $5,720.15, a P/E ratio of 22.55, a P/E/G ratio of 1.76 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 released its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.05. Synovus Financial had a return on equity of 11.20% and a net margin of 18.27%. The firm had revenue of $339.07 million during the quarter, compared to the consensus estimate of $338.60 million. During the same period last year, the business posted $0.54 EPS. Synovus Financial’s quarterly revenue was up 10.3% on a year-over-year basis. equities analysts predict that Synovus Financial will post 3.41 earnings per share for the current fiscal year.

Synovus Financial announced that its board has initiated a stock repurchase program on Tuesday, January 23rd that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the bank to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

In other news, VP Mark G. Holladay sold 5,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $50.16, for a total transaction of $250,800.00. Following the sale, the vice president now owns 52,063 shares in the company, valued at $2,611,480.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Allen J. Gula sold 2,450 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $50.22, for a total value of $123,039.00. Following the sale, the chief operating officer now owns 70,111 shares in the company, valued at approximately $3,520,974.42. The disclosure for this sale can be found here. Insiders have sold 8,502 shares of company stock worth $425,198 in the last 90 days. Insiders own 1.50% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Eagle Asset Management Inc. boosted its holdings in Synovus Financial by 25.0% in the third quarter. Eagle Asset Management Inc. now owns 3,362,104 shares of the bank’s stock valued at $156,270,000 after acquiring an additional 671,971 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Synovus Financial by 0.7% in the fourth quarter. Victory Capital Management Inc. now owns 2,797,611 shares of the bank’s stock valued at $134,118,000 after acquiring an additional 19,351 shares during the last quarter. Carillon Tower Advisers Inc. acquired a new position in Synovus Financial in the fourth quarter valued at $107,998,000. Bank of New York Mellon Corp boosted its holdings in Synovus Financial by 0.7% in the third quarter. Bank of New York Mellon Corp now owns 1,651,364 shares of the bank’s stock valued at $76,061,000 after acquiring an additional 11,162 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Synovus Financial by 3.0% in the third quarter. JPMorgan Chase & Co. now owns 1,228,056 shares of the bank’s stock valued at $55,963,000 after acquiring an additional 35,637 shares during the last quarter. Institutional investors and hedge funds own 78.35% of the company’s stock.

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Synovus Financial Company Profile

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.

Analyst Recommendations for Synovus Financial (NYSE:SNV)

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