Synovus Financial Corp. (SNV) Stock Rating Lowered by ValuEngine

Synovus Financial Corp. (NYSE:SNV) was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

Several other brokerages have also issued reports on SNV. Robert W. Baird reiterated a “hold” rating and issued a $40.00 price target on shares of Synovus Financial Corp. in a report on Friday, August 25th. Zacks Investment Research lowered Synovus Financial Corp. from a “buy” rating to a “hold” rating in a report on Thursday, September 14th. BidaskClub lowered Synovus Financial Corp. from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $42.00 price target (up previously from $41.00) on shares of Synovus Financial Corp. in a report on Saturday, September 16th. Finally, Royal Bank Of Canada started coverage on Synovus Financial Corp. in a report on Monday, July 17th. They issued an “outperform” rating and a $51.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the stock. Synovus Financial Corp. currently has a consensus rating of “Hold” and a consensus target price of $45.36.

Shares of Synovus Financial Corp. (SNV) opened at $45.03 on Friday. Synovus Financial Corp. has a 52-week low of $36.26 and a 52-week high of $47.67. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market capitalization of $5,381.76, a PE ratio of 19.08, a P/E/G ratio of 2.27 and a beta of 1.13.

Synovus Financial Corp. (NYSE:SNV) last announced its earnings results on Tuesday, October 17th. The bank reported $0.65 EPS for the quarter, beating the consensus estimate of $0.64 by $0.01. Synovus Financial Corp. had a return on equity of 10.44% and a net margin of 21.39%. The company had revenue of $398.01 million for the quarter, compared to analyst estimates of $331.27 million. During the same quarter in the prior year, the company earned $0.65 EPS. research analysts forecast that Synovus Financial Corp. will post 2.48 earnings per share for the current year.

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In other news, EVP R Dallis Copeland, Jr. sold 10,000 shares of the stock in a transaction that occurred on Thursday, October 19th. The stock was sold at an average price of $46.29, for a total value of $462,900.00. Following the completion of the sale, the executive vice president now directly owns 43,488 shares of the company’s stock, valued at $2,013,059.52. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Allen J. Gula sold 2,125 shares of the stock in a transaction that occurred on Friday, October 27th. The stock was 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. Corporate insiders own 1.50% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Synovus Financial Corp. by 3.6% during the second 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. Synovus Financial Corp increased its position in shares of Synovus Financial Corp. by 0.7% during the second quarter. Synovus Financial Corp now owns 5,997,976 shares of the bank’s stock valued at $265,347,000 after acquiring an additional 43,034 shares during the last quarter. Eagle Asset Management Inc. increased its position in shares of Synovus Financial Corp. by 25.0% during the third quarter. Eagle Asset Management Inc. now owns 3,362,104 shares of the bank’s stock valued at $156,270,000 after acquiring an additional 671,971 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Synovus Financial Corp. by 2.2% during the second quarter. Alliancebernstein L.P. now owns 2,311,113 shares of the bank’s stock valued at $102,244,000 after acquiring an additional 49,041 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Synovus Financial Corp. by 0.7% during the third quarter. Bank of New York Mellon Corp now owns 1,651,364 shares of the bank’s stock valued at $76,061,000 after acquiring an additional 11,162 shares during the last quarter. 78.60% of the stock is owned by 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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