Synovus Financial Corp. (NYSE:SNV) was upgraded by research analysts at Credit Agricole SA from an “underperform” rating to an “outperform” rating in a research report issued on Friday. The brokerage presently has a $33.00 target price on the stock, up from their previous target price of $30.00. Credit Agricole SA’s target price would indicate a potential upside of 3.19% from the company’s current price.
Several other research firms have also issued reports on SNV. Zacks Investment Research lowered shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a report on Thursday, June 30th. JPMorgan Chase & Co. reduced their target price on shares of Synovus Financial Corp. from $32.00 to $30.50 and set a “neutral” rating for the company in a report on Thursday, July 7th. Hovde Group increased their target price on shares of Synovus Financial Corp. from $34.00 to $35.50 and gave the stock an “outperform” rating in a report on Friday, August 19th. Bank of America Corp. lowered shares of Synovus Financial Corp. from a “buy” rating to a “neutral” rating in a report on Wednesday, June 29th. Finally, Wells Fargo & Co. lowered shares of Synovus Financial Corp. from a “market perform” rating to an “underperform” rating in a report on Tuesday, August 23rd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $31.44.
Synovus Financial Corp. (NYSE:SNV) traded up 1.84% on Friday, hitting $32.57. 360,363 shares of the company’s stock traded hands. Synovus Financial Corp. has a 12 month low of $25.48 and a 12 month high of $33.80. The stock has a 50 day moving average price of $32.42 and a 200-day moving average price of $30.70. The stock has a market cap of $4.00 billion, a P/E ratio of 19.27 and a beta of 1.89.
Synovus Financial Corp. (NYSE:SNV) last released its earnings results on Tuesday, July 19th. The company reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.02. The company earned $289.30 million during the quarter, compared to analyst estimates of $288.06 million. Synovus Financial Corp. had a net margin of 18.39% and a return on equity of 8.42%. During the same period in the prior year, the firm posted $0.40 EPS. Equities analysts predict that Synovus Financial Corp. will post $1.86 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $0.48 annualized dividend and a yield of 1.50%. Synovus Financial Corp.’s payout ratio is 28.24%.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. increased its position in Synovus Financial Corp. by 0.7% in the first quarter. Envestnet Asset Management Inc. now owns 3,834 shares of the company’s stock worth $111,000 after buying an additional 26 shares in the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in Synovus Financial Corp. during the second quarter worth approximately $151,000. Parametrica Management Ltd purchased a new position in Synovus Financial Corp. during the second quarter worth approximately $200,000. First Allied Advisory Services Inc. purchased a new position in Synovus Financial Corp. during the second quarter worth approximately $208,000. Finally, LS Investment Advisors LLC increased its position in Synovus Financial Corp. by 71.7% in the second quarter. LS Investment Advisors LLC now owns 7,544 shares of the company’s stock worth $219,000 after buying an additional 3,151 shares in the last quarter. Hedge funds and other institutional investors own 76.68% of the company’s stock.
Synovus Financial Corp. Company Profile
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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