Zacks Investment Research Upgrades Synovus Financial Corp. (SNV) to “Buy”

Zacks Investment Research upgraded shares of Synovus Financial Corp. (NYSE:SNV) from a hold rating to a buy rating in a report published on Wednesday. The firm currently has $50.00 price target on the bank’s stock.

According to Zacks, “Synovus’ shares outperformed the Zacks categorized Southeast Banks industry over the last six months. The company’s second-quarter 2017 earnings beat the Zacks Consensus Estimate on high revenues. Strong loans & deposits growth were also recorded. However, escalating expenses and provisions remain a concern. 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.”

SNV has been the subject of a number of other research reports. ValuEngine upgraded Synovus Financial Corp. from a hold rating to a buy rating in a research note on Thursday, June 15th. Barclays PLC reiterated an equal weight rating and issued a $44.00 price objective (up previously from $42.00) on shares of Synovus Financial Corp. in a research note on Saturday, April 22nd. Jefferies Group LLC reiterated a hold rating and issued a $47.00 price objective on shares of Synovus Financial Corp. in a research note on Friday, July 14th. Keefe, Bruyette & Woods reiterated a hold rating and issued a $43.00 price objective on shares of Synovus Financial Corp. in a research note on Friday, May 19th. Finally, Bank of America Corporation upgraded Synovus Financial Corp. from a neutral rating to a buy rating and set a $23.00 price objective for the company in a research note on Thursday, May 11th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $42.78.

Shares of Synovus Financial Corp. (SNV) traded down 0.11% during trading on Wednesday, reaching $43.96. 415,113 shares of the company traded hands. The company has a market capitalization of $5.38 billion, a price-to-earnings ratio of 21.32 and a beta of 1.13. Synovus Financial Corp. has a 1-year low of $29.74 and a 1-year high of $45.38. The stock’s 50 day moving average is $43.46 and its 200 day moving average is $42.12.

Synovus Financial Corp. (NYSE:SNV) last posted its earnings results on Tuesday, July 18th. The bank reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.01. The firm had revenue of $319.80 million during the quarter, compared to analysts’ expectations of $317.81 million. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The firm’s revenue was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.46 earnings per share. On average, analysts forecast that Synovus Financial Corp. will post $2.47 EPS for the current year.

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The business also recently declared a quarterly dividend, which was paid on Monday, July 3rd. Stockholders of record on Thursday, June 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend was Tuesday, June 13th. Synovus Financial Corp.’s dividend payout ratio (DPR) is presently 27.15%.

In other news, EVP D Wayne Akins, Jr. sold 3,500 shares of the company’s stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $42.96, for a total transaction of $150,360.00. Following the completion of the sale, the executive vice president now owns 34,994 shares in the company, valued at $1,503,342.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jeffrey Barton Singleton sold 10,500 shares of the company’s stock in a transaction that occurred on Friday, April 21st. The stock was sold at an average price of $41.96, for a total value of $440,580.00. Following the sale, the executive vice president now owns 58,781 shares of the company’s stock, valued at approximately $2,466,450.76. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC bought a new stake in Synovus Financial Corp. during the first quarter valued at approximately $120,000. Balentine LLC boosted its stake in Synovus Financial Corp. by 0.3% in the first quarter. Balentine LLC now owns 3,108 shares of the bank’s stock valued at $128,000 after buying an additional 9 shares during the period. Envestnet Asset Management Inc. boosted its stake in Synovus Financial Corp. by 10.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,232 shares of the bank’s stock valued at $132,000 after buying an additional 297 shares during the period. Meeder Asset Management Inc. bought a new stake in Synovus Financial Corp. during the first quarter valued at approximately $135,000. Finally, PNC Financial Services Group Inc. boosted its stake in Synovus Financial Corp. by 21.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock valued at $145,000 after buying an additional 622 shares during the period. Institutional investors and hedge funds own 77.53% of the company’s stock.

Synovus Financial Corp. 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.

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