Synovus Financial Corp. (SNV) Given Market Perform Rating at Sanford C. Bernstein
Sanford C. Bernstein restated their market perform rating on shares of Synovus Financial Corp. (NYSE:SNV) in a report released on Saturday. They currently have a $42.00 price target on the bank’s stock, up from their previous price target of $41.00.
A number of other equities analysts have also issued reports on the company. ValuEngine upgraded Synovus Financial Corp. from a hold rating to a buy rating in a research note on Thursday, June 15th. Stephens restated a buy rating and issued a $46.00 target price on shares of Synovus Financial Corp. in a research note on Wednesday, July 19th. Zacks Investment Research lowered Synovus Financial Corp. from a buy rating to a hold rating in a research note on Friday, July 28th. BidaskClub lowered Synovus Financial Corp. from a buy rating to a hold rating in a research note on Sunday, July 16th. Finally, Keefe, Bruyette & Woods restated a hold rating and issued a $43.00 target price on shares of Synovus Financial Corp. in a research note on Friday, May 19th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $42.27.
Shares of Synovus Financial Corp. (NYSE SNV) traded up 0.63% during mid-day trading on Friday, hitting $43.02. The company had a trading volume of 931,663 shares. The company has a 50-day moving average price of $42.49 and a 200-day moving average price of $42.35. Synovus Financial Corp. has a 1-year low of $31.41 and a 1-year high of $45.38. The company has a market capitalization of $5.23 billion, a price-to-earnings ratio of 19.54 and a beta of 1.12.
Synovus Financial Corp. (NYSE:SNV) last issued its earnings results on Tuesday, July 18th. The bank reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.01. The company had revenue of $319.80 million during the quarter, compared to analyst estimates of $317.81 million. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The firm’s quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter last year, the business posted $0.46 EPS. On average, equities analysts anticipate that Synovus Financial Corp. will post $2.46 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Thursday, September 21st will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date is Wednesday, September 20th. Synovus Financial Corp.’s dividend payout ratio (DPR) is presently 27.15%.
In other news, EVP Curtis J. Perry sold 7,062 shares of the firm’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $43.86, for a total transaction of $309,739.32. Following the sale, the executive vice president now directly owns 60,038 shares in the company, valued at approximately $2,633,266.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kevin Joseph Howard sold 7,000 shares of the firm’s stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $43.37, for a total value of $303,590.00. Following the sale, the executive vice president now owns 46,490 shares in the company, valued at $2,016,271.30. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of the company. Phocas Financial Corp. grew its position in shares of Synovus Financial Corp. by 4.6% during the 2nd quarter. Phocas Financial Corp. now owns 348,500 shares of the bank’s stock valued at $15,418,000 after acquiring an additional 15,374 shares during the period. Advisory Services Network LLC grew its position in shares of Synovus Financial Corp. by 17.8% during 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 during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Synovus Financial Corp. during the 2nd quarter valued at about $278,000. Koch Industries Inc. acquired a new stake in shares of Synovus Financial Corp. during the 2nd quarter valued at about $283,000. Finally, Keel Point LLC grew its position in shares of Synovus Financial Corp. by 8.7% during the 2nd quarter. Keel Point LLC now owns 6,262 shares of the bank’s stock valued at $277,000 after acquiring an additional 501 shares during the period. Hedge funds and other institutional investors 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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