Zacks Investment Research downgraded shares of Synovus Financial (NYSE:SNV) from a buy rating to a hold rating in a research note released on Friday. They currently have $54.00 price target on the bank’s stock.
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. Synovus’ organic and inorganic growth strategies position the company 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. Also, stretched valuation indicates limited upside potential.”
SNV has been the subject of several other research reports. Robert W. Baird reissued an average rating and issued a $47.00 price target on shares of Synovus Financial in a report on Wednesday, January 3rd. Keefe, Bruyette & Woods reissued a hold rating and issued a $48.00 price target on shares of Synovus Financial in a report on Thursday, October 19th. SunTrust Banks reissued a buy rating and issued a $51.00 price target on shares of Synovus Financial in a report on Thursday, October 12th. Jefferies Group reissued a hold rating and issued a $50.00 price target on shares of Synovus Financial in a report on Thursday, October 12th. Finally, ValuEngine lowered shares of Synovus Financial from a buy rating to a hold rating in a report on Thursday, September 7th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. Synovus Financial presently has an average rating of Hold and an average price target of $47.00.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Tuesday, October 17th. The bank reported $0.65 EPS for the quarter, topping the consensus estimate of $0.64 by $0.01. The company had revenue of $398.01 million during the quarter, compared to analyst estimates of $331.27 million. Synovus Financial had a net margin of 21.39% and a return on equity of 10.44%. During the same quarter in the previous year, the firm earned $0.65 EPS. research analysts predict that Synovus Financial will post 2.45 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Thursday, December 21st were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend was Wednesday, December 20th. Synovus Financial’s payout ratio is 24.19%.
In related news, Director Philip W. Tomlinson sold 1,052 shares of the company’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $48.82, for a total value of $51,358.64. Following the completion of the sale, the director now owns 27,139 shares of the company’s stock, valued at $1,324,925.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP R Dallis Copeland, Jr. sold 10,000 shares of the company’s stock in a transaction dated Thursday, October 19th. The shares were sold at an average price of $46.29, for a total transaction of $462,900.00. Following the completion of the sale, the executive vice president now directly owns 43,488 shares of the company’s stock, valued at approximately $2,013,059.52. The disclosure for this sale can be found here. Insiders have sold 13,177 shares of company stock valued at $614,367 in the last ninety days. Insiders own 1.50% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio grew its holdings in shares of Synovus Financial by 95.2% in the third quarter. Public Employees Retirement System of Ohio now owns 94,850 shares of the bank’s stock valued at $4,369,000 after purchasing an additional 46,252 shares during the period. GSA Capital Partners LLP grew its holdings in shares of Synovus Financial by 157.2% in the third quarter. GSA Capital Partners LLP now owns 30,651 shares of the bank’s stock valued at $1,412,000 after purchasing an additional 18,736 shares during the period. Sterling Capital Management LLC purchased a new stake in shares of Synovus Financial in the third quarter valued at about $5,642,000. California Public Employees Retirement System grew its holdings in shares of Synovus Financial by 7.9% in the third quarter. California Public Employees Retirement System now owns 376,710 shares of the bank’s stock valued at $17,351,000 after purchasing an additional 27,553 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Synovus Financial in the third quarter valued at about $862,000. 77.81% of the stock is owned by hedge funds and other institutional investors.
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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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