Synovus Financial (NYSE:SNV) Receives “Neutral” Rating from Stephens

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Synovus Financial (NYSE:SNV)‘s stock had its “neutral” rating restated by investment analysts at Stephens in a note issued to investors on Tuesday, AnalystRatings.com reports.

The analysts wrote, “We maintain our Equal-Weight rating. KEY POINTS: Positive Takeaways. Strong fees appear to be driven by “other” and mortgage sales that offset soft swap fees. Credit trends for consumer and commercial remain steady which drove lower-than-expected LLP expenses and represented $0.01 to consensus EPS. EOP commercial portfolio increased 5% YoY, a modest acceleration from recent range of 3%-4%.””

Several other equities research analysts also recently issued reports on the company. Raymond James set a C$80.00 price target on West Fraser Timber and gave the company a “strong-buy” rating in a report on Tuesday, June 18th. Royal Bank of Canada reaffirmed a “hold” rating and set a $0.35 price target on shares of DB Commodity Double Short ETN in a report on Friday, July 12th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $44.52.

NYSE SNV opened at $35.11 on Tuesday. The firm has a market cap of $5.54 billion, a P/E ratio of 9.13, a PEG ratio of 1.09 and a beta of 1.31. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.51. Synovus Financial has a 12 month low of $29.93 and a 12 month high of $55.42. The firm has a 50 day moving average of $33.87.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Tuesday, July 16th. The bank reported $1.00 EPS for the quarter, beating the consensus estimate of $0.99 by $0.01. The company had revenue of $487.90 million during the quarter, compared to the consensus estimate of $482.13 million. Synovus Financial had a return on equity of 15.11% and a net margin of 24.15%. The firm’s revenue for the quarter was up 36.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.92 EPS. As a group, equities analysts predict that Synovus Financial will post 4.02 EPS for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the company. State of Tennessee Treasury Department lifted its holdings in shares of Synovus Financial by 364.3% during the first quarter. State of Tennessee Treasury Department now owns 165,689 shares of the bank’s stock worth $5,693,000 after buying an additional 130,000 shares in the last quarter. Lazard Asset Management LLC increased its position in shares of Synovus Financial by 58.2% in the first quarter. Lazard Asset Management LLC now owns 745,438 shares of the bank’s stock worth $25,613,000 after purchasing an additional 274,351 shares during the period. Norges Bank bought a new position in shares of Synovus Financial in the fourth quarter worth $38,056,000. D. E. Shaw & Co. Inc. increased its position in shares of Synovus Financial by 13.8% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 328,890 shares of the bank’s stock worth $10,521,000 after purchasing an additional 39,879 shares during the period. Finally, Castine Capital Management LLC bought a new position in shares of Synovus Financial in the first quarter worth $8,463,000. 82.17% of the stock is owned by institutional investors.

About Synovus Financial

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 treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

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Analyst Recommendations for Synovus Financial (NYSE:SNV)

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