Zacks Investment Research upgraded shares of Synovus (NYSE:SNV) from a hold rating to a buy rating in a research note published on Thursday morning. Zacks Investment Research currently has $56.00 price target on the bank’s stock.
According to Zacks, “Shares of Synovus have outperformed the industry over the past six months. This price performance is backed by the impressive earnings surprise history. The company has surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. Synovus’ organic and inorganic growth strategies position it well for the future. Further, its focus on balance-sheet growth keeps us encouraged. The company’s promising capital deployment activities reflect its strong capital position. However, escalating expenses is likely to keep bottom-line under pressure.”
Several other analysts also recently commented on SNV. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $53.00 price objective on shares of Synovus in a research report on Friday, December 22nd. Barclays increased their target price on Synovus from $49.00 to $53.00 and gave the stock an equal weight rating in a report on Tuesday, January 2nd. Robert W. Baird reiterated an average rating and issued a $47.00 target price on shares of Synovus in a report on Wednesday, January 3rd. Hovde Group reiterated a hold rating and issued a $53.00 target price on shares of Synovus in a report on Tuesday, January 23rd. Finally, Bank of America increased their target price on Synovus from $55.00 to $56.00 and gave the stock a buy rating in a report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $52.25.
Synovus (NYSE:SNV) last announced its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, topping the consensus estimate of $0.67 by $0.05. The company had revenue of $339.07 million during the quarter, compared to the consensus estimate of $338.60 million. Synovus had a net margin of 18.27% and a return on equity of 11.20%. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.54 EPS. analysts anticipate that Synovus will post 3.42 earnings per share for the current year.
Synovus declared that its Board of Directors has initiated a share repurchase program on Tuesday, January 23rd that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the bank to purchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Thursday, March 15th were issued a $0.25 dividend. This is a boost from Synovus’s previous quarterly dividend of $0.15. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date was Wednesday, March 14th. Synovus’s dividend payout ratio (DPR) is currently 39.53%.
In other Synovus news, COO Allen J. Gula sold 2,450 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $50.22, for a total transaction of $123,039.00. Following the transaction, the chief operating officer now directly owns 70,111 shares in the company, valued at approximately $3,520,974.42. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Mark G. Holladay sold 5,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $50.16, for a total value of $250,800.00. Following the transaction, the vice president now owns 52,063 shares in the company, valued at $2,611,480.08. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of SNV. Carillon Tower Advisers Inc. bought a new position in Synovus during the 4th quarter valued at $107,998,000. APG Asset Management N.V. lifted its stake in Synovus by 1,642.6% during the 4th quarter. APG Asset Management N.V. now owns 437,400 shares of the bank’s stock valued at $17,462,000 after acquiring an additional 412,300 shares in the last quarter. Deutsche Bank AG lifted its stake in Synovus by 65.2% during the 4th quarter. Deutsche Bank AG now owns 739,948 shares of the bank’s stock valued at $35,470,000 after acquiring an additional 291,904 shares in the last quarter. First Quadrant L P CA lifted its stake in Synovus by 85.2% during the 4th quarter. First Quadrant L P CA now owns 420,673 shares of the bank’s stock valued at $20,167,000 after acquiring an additional 193,494 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its stake in Synovus by 78.6% during the 4th quarter. Two Sigma Advisers LP now owns 392,291 shares of the bank’s stock valued at $18,806,000 after acquiring an additional 172,600 shares in the last quarter. Institutional investors and hedge funds own 81.01% of the company’s stock.
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Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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