Synovus Financial Corp. (SNV) Shares Gap Up to $30.62
Synovus Financial Corp. (NYSE:SNV) shares gapped up before the market opened 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.
Several brokerages recently weighed in on SNV. Barclays PLC lifted their price target on Synovus Financial Corp. from $29.00 to $31.00 and gave the company an “underweight” rating in a research report on Wednesday, July 20th. JPMorgan Chase & Co. reissued a “hold” rating on shares of Synovus Financial Corp. in a report on Saturday, July 9th. Zacks Investment Research lowered Synovus Financial Corp. from a “buy” rating to a “hold” rating in a report on Thursday, June 30th. Bank of America Corp. lowered Synovus Financial Corp. from a “buy” rating to a “neutral” rating in a report on Wednesday, June 29th. Finally, Raymond James Financial Inc. lowered Synovus Financial Corp. from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 20th. They noted that the move was a valuation call. Two 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 50 day moving average price of $29.66 and a 200 day moving average price of $29.56. The stock has a market cap of $3.91 billion and a PE ratio of 18.83.
Synovus Financial Corp. (NYSE:SNV) last posted its quarterly earnings data on Tuesday, July 19th. The company reported $0.49 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.02. During the same period in the prior year, the company earned $0.40 earnings per share. The company had revenue of $289.30 million for the quarter, compared to analysts’ expectations of $288.06 million. On average, equities research analysts predict that Synovus Financial Corp. will post $1.86 EPS for the current fiscal year.
In other Synovus Financial Corp. news, EVP R Dallis Copeland, Jr. sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 17th. The stock was 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 directly owns 55,029 shares of the company’s stock, valued at approximately $1,656,372.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
A number of hedge funds recently bought and sold shares of SNV. 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 valued at $16,391,000 after buying an additional 394,718 shares in the last quarter. UBS Oconnor LLC bought a new stake in Synovus Financial Corp. during the fourth quarter valued at approximately $2,428,000. 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 valued at $270,844,000 after buying an additional 153,434 shares in the last quarter. Airain ltd bought a new stake in Synovus Financial Corp. during the fourth quarter valued at approximately $2,762,000. Finally, 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 valued at $13,617,000 after buying an additional 6,484 shares in the last quarter.
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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