Zacks Investment Research upgraded shares of Synovus Financial Corp. (NYSE:SNV) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The firm currently has $48.00 price objective on the bank’s stock.

According to Zacks, “Shares of Synovus outperformed the industry year to date. This price performance is backed by impressive earnings surprise history. The company has surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. We believe the company’s organic and inorganic growth strategies position the company well for the future. Further, Synovus’ focus on balance-sheet growth encourages us. The company’s impressive capital deployment activities reflect its strong capital position. Though escalating expenses remain a concern, the margin pressure also seems to be easing on the back of gradually improving rate scenario.”

Other analysts have also issued reports about the stock. Stephens set a $46.00 price target on shares of Synovus Financial Corp. and gave the stock a buy rating in a research note on Tuesday, August 15th. ValuEngine raised shares of Synovus Financial Corp. from a hold rating to a buy rating in a research note on Thursday, June 15th. Barclays PLC reaffirmed an equal weight rating and issued a $46.00 price target (up from $44.00) on shares of Synovus Financial Corp. in a research note on Wednesday, July 12th. Robert W. Baird reaffirmed a hold rating and issued a $40.00 price target on shares of Synovus Financial Corp. in a research note on Friday, August 25th. Finally, BidaskClub lowered shares of Synovus Financial Corp. from a buy rating to a hold rating in a research note on Sunday, July 16th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $42.30.

Shares of Synovus Financial Corp. (NYSE SNV) opened at 42.76 on Tuesday. The stock’s 50 day moving average is $42.50 and its 200 day moving average is $42.35. The firm has a market cap of $5.20 billion, a P/E ratio of 19.42 and a beta of 1.12. Synovus Financial Corp. has a 52 week low of $31.41 and a 52 week high of $45.38.

Synovus Financial Corp. (NYSE:SNV) last posted its earnings results on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, topping the consensus estimate of $0.59 by $0.01. The firm had revenue of $319.80 million during the quarter, compared to analysts’ expectations of $317.81 million. Synovus Financial Corp. had a net margin of 20.68% and a return on equity of 9.88%. Synovus Financial Corp.’s quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.46 EPS. On average, equities research analysts predict that Synovus Financial Corp. will post $2.46 earnings per share for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Thursday, September 21st will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.40%. The ex-dividend date is Wednesday, September 20th. Synovus Financial Corp.’s dividend payout ratio is presently 27.15%.

In related news, EVP Curtis J. Perry sold 7,062 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $43.86, for a total value of $309,739.32. Following the completion of the sale, the executive vice president now owns 60,038 shares in the company, valued at approximately $2,633,266.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Kevin Joseph Howard sold 7,000 shares of the company’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 transaction of $303,590.00. Following the completion of the sale, the executive vice president now owns 46,490 shares of the company’s stock, valued at approximately $2,016,271.30. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the stock. Balentine LLC lifted its position in shares of Synovus Financial Corp. by 0.3% in the 1st quarter. Balentine LLC now owns 3,108 shares of the bank’s stock valued at $128,000 after acquiring an additional 9 shares in the last quarter. TLP Group LLC purchased a new stake in shares of Synovus Financial Corp. in the 2nd quarter valued at approximately $145,000. Meeder Asset Management Inc. purchased a new stake in shares of Synovus Financial Corp. in the 1st quarter valued at approximately $135,000. Advisory Services Network LLC lifted its position in shares of Synovus Financial Corp. by 17.8% in the 2nd quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock valued at $152,000 after acquiring an additional 519 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of Synovus Financial Corp. by 21.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock valued at $145,000 after acquiring an additional 622 shares in the last quarter. Institutional investors and hedge funds own 77.89% of the company’s stock.

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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Analyst Recommendations for Synovus Financial Corp. (NYSE:SNV)

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