Synovus Financial Corp. (SNV) Earns “Buy” Rating from SunTrust Banks, Inc.

SunTrust Banks, Inc. reaffirmed their buy rating on shares of Synovus Financial Corp. (NYSE:SNV) in a research report report published on Thursday morning. SunTrust Banks, Inc. currently has a $51.00 price target on the bank’s stock.

Other equities analysts have also issued reports about the company. Stephens set a $46.00 price objective on Synovus Financial Corp. and gave the company a buy rating in a research report on Tuesday, August 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 report on Wednesday, July 19th. ValuEngine upgraded Synovus Financial Corp. from a hold rating to a buy rating in a research report on Thursday, June 15th. Barclays PLC reiterated an equal weight rating and issued a $46.00 price objective (up from $44.00) on shares of Synovus Financial Corp. in a research report on Wednesday, July 12th. Finally, BidaskClub lowered Synovus Financial Corp. from a buy rating to a hold rating in a research report on Sunday, July 16th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $44.27.

Shares of Synovus Financial Corp. (NYSE:SNV) traded down 0.47% on Thursday, hitting $46.64. 581,305 shares of the company’s stock traded hands. The company has a market cap of $5.67 billion, a price-to-earnings ratio of 21.18 and a beta of 1.10. Synovus Financial Corp. has a 1-year low of $31.87 and a 1-year high of $47.32. The firm’s 50-day moving average price is $44.13 and its 200 day moving average price is $42.93.

Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings data on Tuesday, July 18th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 analyst estimates of $317.81 million. During the same period in the previous year, the firm earned $0.46 EPS. Synovus Financial Corp.’s quarterly revenue was up 10.5% compared to the same quarter last year. On average, equities research analysts expect that Synovus Financial Corp. will post $2.47 earnings per share for the current year.

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The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Thursday, September 21st were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date of this dividend was Wednesday, September 20th. Synovus Financial Corp.’s dividend payout ratio (DPR) is presently 27.15%.

In related news, EVP Curtis J. Perry sold 7,062 shares of the 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 sale, the executive vice president now owns 60,038 shares in the company, valued at approximately $2,633,266.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Kevin Joseph Howard sold 7,000 shares of the 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 in the company, valued at approximately $2,016,271.30. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of SNV. BlackRock Inc. grew its holdings in Synovus Financial Corp. by 5,961.9% in the 1st quarter. BlackRock Inc. now owns 10,236,350 shares of the bank’s stock valued at $419,894,000 after buying an additional 10,067,487 shares in the last quarter. AJO LP grew its holdings in Synovus Financial Corp. by 291.0% in the 2nd quarter. AJO LP now owns 1,089,237 shares of the bank’s stock valued at $48,188,000 after buying an additional 810,692 shares in the last quarter. Credit Suisse AG grew its holdings in Synovus Financial Corp. by 54.8% in the 1st quarter. Credit Suisse AG now owns 1,325,506 shares of the bank’s stock valued at $54,372,000 after buying an additional 469,509 shares in the last quarter. Bank of Nova Scotia acquired a new position in Synovus Financial Corp. in the 2nd quarter valued at $17,745,000. Finally, Thrivent Financial For Lutherans grew its holdings in Synovus Financia

Other equities analysts have also issued reports about the company. Stephens set a $46.00 price objective on Synovus Financial Corp. and gave the company a buy rating in a research report on Tuesday, August 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 report on Wednesday, July 19th. ValuEngine upgraded Synovus Financial Corp. from a hold rating to a buy rating in a research report on Thursday, June 15th. Barclays PLC reiterated an equal weight rating and issued a $46.00 price objective (up from $44.00) on shares of Synovus Financial Corp. in a research report on Wednesday, July 12th. Finally, BidaskClub lowered Synovus Financial Corp. from a buy rating to a hold rating in a research report on Sunday, July 16th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $44.27.

Shares of Synovus Financial Corp. (NYSE:SNV) traded down 0.47% on Thursday, hitting $46.64. 581,305 shares of the company’s stock traded hands. The company has a market cap of $5.67 billion, a price-to-earnings ratio of 21.18 and a beta of 1.10. Synovus Financial Corp. has a 1-year low of $31.87 and a 1-year high of $47.32. The firm’s 50-day moving average price is $44.13 and its 200 day moving average price is $42.93.

Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings data on Tuesday, July 18th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 analyst estimates of $317.81 million. During the same period in the previous year, the firm earned $0.46 EPS. Synovus Financial Corp.’s quarterly revenue was up 10.5% compared to the same quarter last year. On average, equities research analysts expect that Synovus Financial Corp. will post $2.47 earnings per share for the current year.

COPYRIGHT VIOLATION WARNING: “Synovus Financial Corp. (SNV) Earns “Buy” Rating from SunTrust Banks, Inc.” was posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are accessing this piece on another site, it was illegally stolen and republished in violation of U.S. & international copyright and trademark law. The correct version of this piece can be viewed at https://ledgergazette.com/2017/10/15/synovus-financial-corp-snv-earns-buy-rating-from-suntrust-banks-inc.html.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Thursday, September 21st were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date of this dividend was Wednesday, September 20th. Synovus Financial Corp.’s dividend payout ratio (DPR) is presently 27.15%.

In related news, EVP Curtis J. Perry sold 7,062 shares of the 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 sale, the executive vice president now owns 60,038 shares in the company, valued at approximately $2,633,266.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Kevin Joseph Howard sold 7,000 shares of the 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 in the company, valued at approximately $2,016,271.30. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of SNV. BlackRock Inc. grew its holdings in Synovus Financial Corp. by 5,961.9% in the 1st quarter. BlackRock Inc. now owns 10,236,350 shares of the bank’s stock valued at $419,894,000 after buying an additional 10,067,487 shares in the last quarter. AJO LP grew its holdings in Synovus Financial Corp. by 291.0% in the 2nd quarter. AJO LP now owns 1,089,237 shares of the bank’s stock valued at $48,188,000 after buying an additional 810,692 shares in the last quarter. Credit Suisse AG grew its holdings in Synovus Financial Corp. by 54.8% in the 1st quarter. Credit Suisse AG now owns 1,325,506 shares of the bank’s stock valued at $54,372,000 after buying an additional 469,509 shares in the last quarter. Bank of Nova Scotia acquired a new position in Synovus Financial Corp. in the 2nd quarter valued at $17,745,000. Finally, Thrivent Financial For Lutherans grew its holdings in Synovus Financial Corp. by 46.0% in the 2nd quarter. Thrivent Financial For Lutherans now owns 1,214,532 shares of the bank’s stock valued at $53,731,000 after buying an additional 382,852 shares in the last quarter. 77.87% of the stock is currently owned by hedge funds and other 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.

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

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