Synovus Financial Corp. (SNV) Rating Increased to Buy at Zacks Investment Research
Synovus Financial Corp. (NYSE:SNV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage currently has a $36.00 price target on the stock. Zacks Investment Research’s price target points to a potential upside of 10.84% from the company’s current price.
According to Zacks, “We remain encouraged by Synovus’ cost containment initiatives, which are expected to support bottom-line. Further, the company remains focused on inorganic growth opportunities backed by its strong capital position. In Aug 2016, Synovus inked deal to acquire Entaire Global Companies, Inc., with an aim to diversify its loan portfolio. Management expects the transaction to be immediately accretive to Synovus’ earnings per share, return on equity and return on assets. Also, the company is focused on disposing its distressed assets, thereby enhancing its balance sheet position. However, top-line pressure amid low interest rate environment and stringent regulations remain near-term headwinds.”
Several other equities research analysts also recently weighed in on the stock. Wells Fargo & Co. downgraded shares of Synovus Financial Corp. from a “market perform” rating to an “underperform” rating in a research note on Tuesday, August 23rd. Hovde Group increased their target price on shares of Synovus Financial Corp. from $34.00 to $35.50 and gave the stock an “outperform” rating in a research note on Friday, August 19th. Barclays PLC increased their target price on shares of Synovus Financial Corp. from $29.00 to $31.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 20th. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Synovus Financial Corp. in a research note on Saturday, July 9th. Finally, Bank of America Corp. downgraded shares of Synovus Financial Corp. from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 29th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $31.25.
Shares of Synovus Financial Corp. (NYSE:SNV) opened at 32.48 on Tuesday. The company has a 50-day moving average price of $32.27 and a 200 day moving average price of $30.57. Synovus Financial Corp. has a 12-month low of $25.48 and a 12-month high of $33.80. The firm has a market capitalization of $3.99 billion, a PE ratio of 19.22 and a beta of 1.89.
Synovus Financial Corp. (NYSE:SNV) last released its quarterly earnings data on Tuesday, July 19th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.02. Synovus Financial Corp. had a net margin of 18.39% and a return on equity of 8.42%. The company earned $289.30 million during the quarter, compared to the consensus estimate of $288.06 million. During the same quarter in the prior year, the firm posted $0.40 earnings per share. On average, equities analysts expect that Synovus Financial Corp. will post $1.86 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $0.48 annualized dividend and a yield of 1.48%. Synovus Financial Corp.’s dividend payout ratio is currently 28.24%.
A number of hedge funds and other institutional investors have recently modified their holdings of SNV. Envestnet Asset Management Inc. boosted its position in shares of Synovus Financial Corp. by 0.7% in the first quarter. Envestnet Asset Management Inc. now owns 3,834 shares of the company’s stock worth $111,000 after buying an additional 26 shares during the period. Signature Estate & Investment Advisors LLC bought a new position in shares of Synovus Financial Corp. during the second quarter worth about $151,000. Parametrica Management Ltd bought a new position in shares of Synovus Financial Corp. during the second quarter worth about $200,000. First Allied Advisory Services Inc. bought a new position in shares of Synovus Financial Corp. during the second quarter worth about $208,000. Finally, LS Investment Advisors LLC boosted its position in shares of Synovus Financial Corp. by 71.7% in the second quarter. LS Investment Advisors LLC now owns 7,544 shares of the company’s stock worth $219,000 after buying an additional 3,151 shares during the period. 76.68% of the stock is owned by institutional investors.
Synovus Financial Corp. Company Profile
Synovus Financial Corp. is a financial services 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 over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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