Stephens reaffirmed their buy rating on shares of Synovus Financial (NYSE:SNV) in a research note released on Friday morning, AnalystRatings.com reports. Stephens currently has a $42.00 target price on the bank’s stock.
Several other research firms also recently weighed in on SNV. SunTrust Banks decreased their price target on shares of Synovus Financial from $42.00 to $41.00 and set a buy rating on the stock in a research note on Tuesday, August 27th. Morgan Stanley decreased their price target on shares of Synovus Financial from $44.00 to $43.00 and set an overweight rating on the stock in a research note on Thursday, October 3rd. Raymond James decreased their price target on shares of Synovus Financial from $44.00 to $42.00 and set a strong-buy rating on the stock in a research note on Tuesday, June 18th. Royal Bank of Canada began coverage on shares of Synovus Financial in a research note on Friday, July 12th. They issued an outperform rating and a $42.00 price target on the stock. Finally, DA Davidson began coverage on shares of Synovus Financial in a research note on Tuesday, August 20th. They issued a buy rating and a $41.00 price target on the stock. One analyst has rated the stock with a sell rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Buy and an average target price of $42.75.
NYSE:SNV opened at $34.68 on Friday. The company’s 50-day moving average price is $35.55 and its 200-day moving average price is $35.24. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.51. The company has a market cap of $5.26 billion, a P/E ratio of 9.53, a P/E/G ratio of 1.06 and a beta of 1.34. Synovus Financial has a twelve month low of $29.93 and a twelve month high of $43.53.
Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Tuesday, July 16th. The bank reported $1.00 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.01. The firm had revenue of $487.90 million for the quarter, compared to the consensus estimate of $482.13 million. Synovus Financial had a net margin of 24.15% and a return on equity of 15.11%. The company’s revenue for the quarter was up 36.2% on a year-over-year basis. During the same period last year, the firm posted $0.92 earnings per share. On average, analysts expect that Synovus Financial will post 3.99 earnings per share for the current year.
The company also recently disclosed a — dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were given a dividend of $0.30 per share. This represents a yield of 3.3%. The ex-dividend date was Wednesday, September 18th. Synovus Financial’s payout ratio is currently 32.97%.
In related news, VP Mark G. Holladay sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $35.72, for a total transaction of $178,600.00. Following the completion of the sale, the vice president now directly owns 60,289 shares in the company, valued at $2,153,523.08. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.00% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in SNV. Scout Investments Inc. increased its position in Synovus Financial by 339.8% during the third quarter. Scout Investments Inc. now owns 1,095,944 shares of the bank’s stock worth $39,191,000 after purchasing an additional 846,729 shares during the last quarter. Nuveen Asset Management LLC acquired a new stake in shares of Synovus Financial during the second quarter valued at about $26,019,000. Invesco Ltd. increased its position in shares of Synovus Financial by 81.3% during the second quarter. Invesco Ltd. now owns 1,007,177 shares of the bank’s stock valued at $35,252,000 after acquiring an additional 451,761 shares during the last quarter. Silvercrest Asset Management Group LLC increased its position in shares of Synovus Financial by 33.7% during the second quarter. Silvercrest Asset Management Group LLC now owns 1,762,723 shares of the bank’s stock valued at $61,695,000 after acquiring an additional 443,898 shares during the last quarter. Finally, Bank of America Corp DE increased its position in shares of Synovus Financial by 23.0% during the second quarter. Bank of America Corp DE now owns 2,145,225 shares of the bank’s stock valued at $75,081,000 after acquiring an additional 400,724 shares during the last quarter. Hedge funds and other institutional investors own 84.09% 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 treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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