Synovus Financial Corp.’s (SNV) “Buy” Rating Reaffirmed at SunTrust Banks, Inc.

Synovus Financial Corp. (NYSE:SNV)‘s stock had its “buy” rating reissued by stock analysts at SunTrust Banks, Inc. in a report released on Thursday. They currently have a $51.00 target price on the bank’s stock. SunTrust Banks, Inc.’s price target points to a potential upside of 8.26% from the stock’s current price.

SNV has been the subject of a number of other reports. ValuEngine upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Zacks Investment Research upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Wednesday, July 19th. Stephens restated a “buy” rating and set a $46.00 price objective on shares of Synovus Financial Corp. in a research note on Wednesday, July 19th. Robert W. Baird restated a “hold” rating and set a $40.00 price objective on shares of Synovus Financial Corp. in a research note on Friday, August 25th. Finally, Jefferies Group LLC restated a “hold” rating and set a $47.00 price objective on shares of Synovus Financial Corp. in a research note on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company’s stock. Synovus Financial Corp. has a consensus rating of “Hold” and a consensus target price of $44.27.

Shares of Synovus Financial Corp. (NYSE:SNV) traded down 0.541% during trading on Thursday, hitting $46.855. 354,592 shares of the stock were exchanged. Synovus Financial Corp. has a one year low of $31.41 and a one year high of $47.32. The stock’s 50 day moving average price is $43.81 and its 200 day moving average price is $42.83. The stock has a market cap of $5.69 billion, a PE ratio of 21.278 and a beta of 1.10.

Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings results on Tuesday, July 18th. The bank reported $0.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.01. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The business had revenue of $319.80 million during the quarter, compared to the consensus estimate of $317.81 million. During the same period in the previous year, the business earned $0.46 EPS. The business’s quarterly revenue was up 10.5% on a year-over-year basis. Equities research analysts predict that Synovus Financial Corp. will post $2.47 EPS for the current year.

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In other news, EVP Curtis J. Perry sold 7,062 shares of the company’s stock in a transaction on Monday, July 24th. The stock was 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 $2,633,266.68. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kevin Joseph Howard sold 7,000 shares of the company’s stock in a transaction on Friday, July 21st. The shares were sold at an average price of $43.37, for a total value 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. Corporate insiders own 1.50% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Balentine LLC lifted its holdings in shares of Synovus Financial Corp. by 0.4% in the second quarter. Balentine LLC now owns 3,120 shares of the bank’s stock valued at $138,000 after buying an additional 12 shares during the period. TLP Group LLC acquired a new stake in shares of Synovus Financial Corp. in the second quarter valued at $145,000. Meeder Asset Management Inc. acquired a new stake in shares of Synovus Financial Corp. in the first quarter valued at $135,000. Advisory Services Network LLC lifted its holdings in shares of Synovus Financial Corp. by 17.8% in the second quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock valued at $152,000 after buying an additional 519 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Synovus Financial Corp. by 21.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock valued at $145,000 after buying an additional 622 shares during the period. Institutional investors and hedge funds own 77.87% of the company’s stock.

Synovus Financial Corp. Company Profile

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.

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

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