Zacks Investment Research cut shares of Synovus Financial (NYSE:SNV) from a buy rating to a hold rating in a research note released on Tuesday morning.
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. Fourth-quarter 2017 results reflect robust organic growth, partially offset by higher expenses. 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.”
Other analysts have also recently issued research reports about the stock. Robert W. Baird reaffirmed an average rating and set a $47.00 price target on shares of Synovus Financial in a research report on Wednesday, January 3rd. SunTrust Banks reaffirmed a buy rating and set a $54.00 price target on shares of Synovus Financial in a research report on Wednesday, November 29th. Stephens reaffirmed a buy rating and set a $56.00 price target on shares of Synovus Financial in a research report on Wednesday, January 24th. Bank of America upped their price target on shares of Synovus Financial from $55.00 to $56.00 and gave the company a buy rating in a research report on Wednesday, January 24th. Finally, Barclays upped their price target on shares of Synovus Financial from $53.00 to $55.00 and gave the company an equal weight rating in a research report on Wednesday, January 24th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $51.92.
Shares of Synovus Financial (NYSE:SNV) opened at $50.50 on Tuesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.60. The company has a market cap of $5,974.59, a price-to-earnings ratio of 19.78, a price-to-earnings-growth ratio of 1.84 and a beta of 1.12. Synovus Financial has a 1 year low of $37.95 and a 1 year high of $52.08.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.05. The business had revenue of $339.07 million for the quarter, compared to analysts’ expectations of $338.60 million. Synovus Financial had a net margin of 18.27% and a return on equity of 11.20%. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.54 earnings per share. equities research analysts expect that Synovus Financial will post 3.41 EPS for the current fiscal year.
Synovus Financial declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, January 23rd that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.
In other news, COO Allen J. Gula sold 2,450 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $50.22, for a total transaction of $123,039.00. Following the transaction, the chief operating officer now owns 70,111 shares in the company, valued at $3,520,974.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Philip W. Tomlinson sold 1,052 shares of the company’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $48.82, for a total transaction of $51,358.64. Following the transaction, the director now owns 27,139 shares in the company, valued at approximately $1,324,925.98. The disclosure for this sale can be found here. Insiders have sold 8,502 shares of company stock worth $425,198 in the last quarter. Company insiders own 1.50% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Cerebellum GP LLC acquired a new stake in shares of Synovus Financial in the 4th quarter worth about $124,000. Advisory Services Network LLC raised its holdings in shares of Synovus Financial by 17.8% in the 2nd quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock worth $152,000 after acquiring an additional 519 shares during the last quarter. Patten Group Inc. raised its holdings in shares of Synovus Financial by 61.1% in the 3rd quarter. Patten Group Inc. now owns 5,729 shares of the bank’s stock worth $164,000 after acquiring an additional 2,172 shares during the last quarter. Contravisory Investment Management Inc. acquired a new stake in shares of Synovus Financial in the 4th quarter worth about $171,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Synovus Financial by 16.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 4,120 shares of the bank’s stock worth $182,000 after acquiring an additional 583 shares during the last quarter. Hedge funds and other institutional investors own 78.35% of the company’s stock.
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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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