Synovus Financial Corp. (SNV) Shares Gap Up to $30.62
Synovus Financial Corp. (NYSE:SNV) shares gapped up prior to trading on Friday . The stock had previously closed at $30.43, but opened at $30.62. Synovus Financial Corp. shares last traded at $31.71, with a volume of 584,240 shares changing hands.
A number of research analysts have weighed in on SNV shares. JPMorgan Chase & Co. cut their price target on shares of Synovus Financial Corp. from $32.00 to $30.50 and set a “neutral” rating on the stock in a research note on Thursday, July 7th. Zacks Investment Research raised shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research note on Friday, June 24th. Barclays PLC lifted their price target on shares of Synovus Financial Corp. from $29.00 to $31.00 and gave the company an “underweight” rating in a research note on Wednesday, July 20th. Raymond James Financial Inc. lowered shares of Synovus Financial Corp. from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 20th. They noted that the move was a valuation call. Finally, Bank of America Corp. lowered shares of Synovus Financial Corp. from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 29th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. Synovus Financial Corp. currently has a consensus rating of “Hold” and a consensus target price of $31.33.
The stock has a market cap of $3.95 billion and a price-to-earnings ratio of 18.83. The firm has a 50-day moving average price of $29.66 and a 200 day moving average price of $29.56.
Synovus Financial Corp. (NYSE:SNV) last released its earnings results on Tuesday, July 19th. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.02. The firm had revenue of $289.30 million for the quarter, compared to analyst estimates of $288.06 million. During the same period in the prior year, the company posted $0.40 EPS. Analysts anticipate that Synovus Financial Corp. will post $1.86 EPS for the current year.
In other Synovus Financial Corp. news, EVP R Dallis Copeland, Jr. sold 8,000 shares of the stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $30.10, for a total transaction of $240,800.00. Following the completion of the sale, the executive vice president now owns 55,029 shares of the company’s stock, valued at approximately $1,656,372.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
A number of hedge funds have recently added to or reduced their stakes in SNV. Vanguard Group Inc. increased its stake in Synovus Financial Corp. by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 8,364,545 shares of the company’s stock worth $270,844,000 after buying an additional 153,434 shares in the last quarter. WBI Investments Inc. increased its stake in Synovus Financial Corp. by 354.1% in the fourth quarter. WBI Investments Inc. now owns 506,199 shares of the company’s stock worth $16,391,000 after buying an additional 394,718 shares in the last quarter. Principal Financial Group Inc. increased its stake in Synovus Financial Corp. by 1.6% in the fourth quarter. Principal Financial Group Inc. now owns 420,517 shares of the company’s stock worth $13,617,000 after buying an additional 6,484 shares in the last quarter. Airain ltd purchased a new stake in Synovus Financial Corp. during the fourth quarter worth $2,762,000. Finally, UBS Oconnor LLC purchased a new stake in Synovus Financial Corp. during the fourth quarter worth $2,428,000.
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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