Several other analysts have also recently commented on the company. SunTrust Banks, Inc. reiterated a buy rating and issued a $51.00 target price on shares of Synovus Financial Corp. in a report on Thursday, October 12th. Jefferies Group LLC reiterated a hold rating and issued a $50.00 target price on shares of Synovus Financial Corp. in a report on Thursday, October 12th. Zacks Investment Research upgraded Synovus Financial Corp. from a hold rating to a buy rating and set a $49.00 target price on the stock in a report on Tuesday, September 19th. Sanford C. Bernstein reiterated a market perform rating and issued a $42.00 target price (up from $41.00) on shares of Synovus Financial Corp. in a report on Saturday, September 16th. Finally, ValuEngine cut Synovus Financial Corp. from a buy rating to a hold rating in a report on Thursday, September 7th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. Synovus Financial Corp. has an average rating of Hold and an average price target of $45.09.
Shares of Synovus Financial Corp. (NYSE SNV) traded up 1.15% during mid-day trading on Wednesday, hitting $47.30. 723,096 shares of the company were exchanged. The firm has a 50 day moving average of $44.73 and a 200 day moving average of $43.12. The company has a market capitalization of $5.66 billion, a price-to-earnings ratio of 19.14 and a beta of 1.10. Synovus Financial Corp. has a 12-month low of $32.21 and a 12-month high of $47.67.
Synovus Financial Corp. (NYSE:SNV) last announced its earnings results on Tuesday, October 17th. The bank reported $0.65 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.01. Synovus Financial Corp. had a return on equity of 10.44% and a net margin of 21.39%. The business had revenue of $398.01 million for the quarter, compared to analysts’ expectations of $331.27 million. During the same period in the prior year, the business posted $0.65 earnings per share. Equities research analysts forecast that Synovus Financial Corp. will post $2.47 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Thursday, September 21st were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date was Wednesday, September 20th. Synovus Financial Corp.’s payout ratio is 24.19%.
In other news, EVP Curtis J. Perry sold 7,062 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $43.86, for a total transaction of $309,739.32. Following the transaction, the executive vice president now directly owns 60,038 shares of the company’s stock, valued at $2,633,266.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP R Dallis Copeland, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, October 19th. The stock was sold at an average price of $46.29, for a total value of $462,900.00. Following the transaction, the executive vice president now directly owns 43,488 shares in the company, valued at $2,013,059.52. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the company. Capital Analysts LLC raised its position in shares of Synovus Financial Corp. by 10.3% during the second quarter. Capital Analysts LLC now owns 20,248 shares of the bank’s stock worth $896,000 after purchasing an additional 1,893 shares during the period. TD Asset Management Inc. raised its position in shares of Synovus Financial Corp. by 11.5% during the second quarter. TD Asset Management Inc. now owns 31,135 shares of the bank’s stock worth $1,377,000 after purchasing an additional 3,200 shares during the period. OppenheimerFunds Inc. raised its position in shares of Synovus Financial Corp. by 34.9% during the first quarter. OppenheimerFunds Inc. now owns 7,726 shares of the bank’s stock worth $317,000 after purchasing an additional 1,998 shares during the period. Schwab Charles Investment Management Inc. raised its position in shares of Synovus Financial Corp. by 1.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 635,793 shares of the bank’s stock worth $28,128,000 after purchasing an additional 10,009 shares during the period. Finally, 361 Capital LLC acquired a new position in shares of Synovus Financial Corp. during the second quarter worth approximately $4,032,000. 77.87% of the stock is currently owned by institutional investors.
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.
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