Synovus Financial Corp. (NYSE:SNV) has received an average recommendation of “Hold” from the sixteen ratings firms that are presently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, nine have given a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $43.14.
Several equities research analysts recently commented on SNV shares. ValuEngine upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Barclays PLC restated an “equal weight” rating and set a $44.00 target price (up previously from $42.00) on shares of Synovus Financial Corp. in a research report on Saturday, April 22nd. Bank of America Corporation upgraded Synovus Financial Corp. from a “neutral” rating to a “buy” rating and set a $23.00 target price on the stock in a research report on Thursday, May 11th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $43.00 price target on shares of Synovus Financial Corp. in a report on Friday, May 19th. Finally, Stephens reiterated a “buy” rating and issued a $46.00 price target on shares of Synovus Financial Corp. in a report on Wednesday, July 19th.
In other news, EVP Curtis J. Perry sold 7,062 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $43.86, for a total value of $309,739.32. Following the transaction, the executive vice president now owns 60,038 shares in the company, valued at $2,633,266.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kevin Joseph Howard sold 7,000 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $43.37, for a total value of $303,590.00. Following the completion of the transaction, the executive vice president now owns 46,490 shares in the company, valued at approximately $2,016,271.30. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Envestnet Asset Management Inc. increased its stake in shares of Synovus Financial Corp. by 10.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,232 shares of the bank’s stock worth $132,000 after buying an additional 297 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Synovus Financial Corp. during the fourth quarter worth approximately $254,000. Quadrature Capital Ltd acquired a new stake in shares of Synovus Financial Corp. during the fourth quarter worth approximately $609,000. Highbridge Capital Management LLC acquired a new stake in shares of Synovus Financial Corp. during the fourth quarter worth approximately $288,000. Finally, Copper Rock Capital Partners LLC increased its stake in shares of Synovus Financial Corp. by 1.7% in the first quarter. Copper Rock Capital Partners LLC now owns 613,027 shares of the bank’s stock worth $25,367,000 after buying an additional 10,387 shares during the last quarter. 78.35% of the stock is owned by institutional investors.
Synovus Financial Corp. (NYSE SNV) traded down 2.26% during trading on Friday, hitting $42.40. The stock had a trading volume of 674,413 shares. The stock has a 50 day moving average of $43.90 and a 200 day moving average of $42.35. Synovus Financial Corp. has a one year low of $30.87 and a one year high of $45.38. The firm has a market capitalization of $5.15 billion, a P/E ratio of 19.26 and a beta of 1.12.
Synovus Financial Corp. (NYSE:SNV) last announced its earnings results on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, beating the consensus estimate of $0.59 by $0.01. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The company had revenue of $319.80 million for the quarter, compared to analyst estimates of $317.81 million. During the same quarter in the prior year, the company earned $0.46 EPS. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. Equities research analysts expect that Synovus Financial Corp. will post $2.46 earnings per share for the current fiscal year.
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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