Synovus Financial Corp. (NYSE:SNV) – Investment analysts at SunTrust Banks lifted their FY2018 earnings per share (EPS) estimates for shares of Synovus Financial in a report released on Monday. SunTrust Banks analyst J. Demba now forecasts that the bank will earn $3.35 per share for the year, up from their previous forecast of $2.83. SunTrust Banks has a “Buy” rating and a $54.00 price objective on the stock. SunTrust Banks also issued estimates for Synovus Financial’s FY2019 earnings at $3.58 EPS.
SNV has been the subject of several other reports. Robert W. Baird reaffirmed an “average” rating and set a $47.00 price objective on shares of Synovus Financial in a research report on Wednesday, January 3rd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $48.00 price objective on shares of Synovus Financial in a research report on Thursday, October 19th. Jefferies Group reaffirmed a “hold” rating and set a $50.00 price objective on shares of Synovus Financial in a research report on Thursday, October 12th. Zacks Investment Research raised Synovus Financial from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Tuesday, September 19th. Finally, ValuEngine downgraded Synovus Financial from a “buy” rating to a “hold” rating in a report on Friday, November 10th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. Synovus Financial has a consensus rating of “Hold” and a consensus price target of $47.30.
Synovus Financial (NYSE:SNV) traded up $0.50 during trading hours on Wednesday, hitting $50.36. The stock had a trading volume of 889,900 shares, compared to its average volume of 737,943. The firm has a market cap of $6,050.00, a PE ratio of 20.31, a P/E/G ratio of 2.09 and a beta of 1.13. Synovus Financial has a twelve month low of $37.95 and a twelve month high of $51.09. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.66.
Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Tuesday, October 17th. The bank reported $0.65 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.01. The business had revenue of $398.01 million during the quarter, compared to analysts’ expectations of $331.27 million. Synovus Financial had a return on equity of 10.44% and a net margin of 21.39%. During the same period in the prior year, the firm posted $0.65 EPS.
Institutional investors and hedge funds have recently bought and sold shares of the business. 361 Capital LLC purchased a new stake in Synovus Financial during the 2nd quarter valued at approximately $4,032,000. Schwab Charles Investment Management Inc. raised its stake in Synovus Financial by 1.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 635,793 shares of the bank’s stock valued at $28,128,000 after acquiring an additional 10,009 shares during the last quarter. ClariVest Asset Management LLC raised its stake in Synovus Financial by 3.4% during the 3rd quarter. ClariVest Asset Management LLC now owns 183,500 shares of the bank’s stock valued at $8,452,000 after acquiring an additional 6,100 shares during the last quarter. Bank of Nova Scotia purchased a new stake in Synovus Financial during the 2nd quarter valued at approximately $17,745,000. Finally, BlackRock Inc. raised its stake in Synovus Financial by 3.6% during the 2nd quarter. BlackRock Inc. now owns 10,607,093 shares of the bank’s stock valued at $469,257,000 after acquiring an additional 370,743 shares during the last quarter. 77.81% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Philip W. Tomlinson sold 1,052 shares of the business’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $48.82, for a total value of $51,358.64. Following the completion of the sale, the director now directly owns 27,139 shares of the company’s stock, valued at approximately $1,324,925.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Allen J. Gula sold 2,125 shares of the business’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $47.11, for a total value of $100,108.75. Following the completion of the sale, the chief operating officer now directly owns 72,561 shares of the company’s stock, valued at $3,418,348.71. The disclosure for this sale can be found here. Insiders sold a total of 13,177 shares of company stock valued at $614,367 over the last three months. Company insiders own 1.50% of the company’s stock.
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Thursday, December 21st were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.19%. The ex-dividend date was Wednesday, December 20th. Synovus Financial’s payout ratio is currently 24.19%.
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About Synovus Financial
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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