Synovus (SNV) Receives $51.91 Average PT from Analysts

Synovus (NYSE:SNV) has received an average rating of “Hold” from the fifteen research firms that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $51.92.

A number of brokerages have recently issued reports on SNV. Zacks Investment Research cut shares of Synovus from a “buy” rating to a “hold” rating in a research note on Friday. Piper Jaffray began coverage on shares of Synovus in a research note on Monday. They issued a “neutral” rating and a $52.00 price objective for the company. Bank of America increased their price objective on shares of Synovus from $55.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday, January 24th. Hovde Group restated a “hold” rating and issued a $53.00 price objective on shares of Synovus in a research note on Tuesday, January 23rd. Finally, Barclays increased their price objective on shares of Synovus from $53.00 to $55.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 24th.

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In other Synovus news, VP Mark G. Holladay sold 5,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $50.16, for a total transaction of $250,800.00. Following the sale, the vice president now owns 52,063 shares of the company’s stock, valued at approximately $2,611,480.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Allen J. Gula sold 2,450 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $50.22, for a total transaction of $123,039.00. Following the sale, the chief operating officer now directly owns 70,111 shares in the company, valued at approximately $3,520,974.42. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.

Large investors have recently modified their holdings of the business. Cerebellum GP LLC bought a new stake in Synovus during the 4th quarter worth about $124,000. Contravisory Investment Management Inc. bought a new stake in Synovus during the 4th quarter worth about $171,000. Calamos Advisors LLC bought a new stake in Synovus during the 4th quarter worth about $201,000. Jane Street Group LLC bought a new stake in Synovus during the 3rd quarter worth about $215,000. Finally, Patten Group Inc. grew its holdings in Synovus by 61.1% during 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. 81.01% of the stock is currently owned by hedge funds and other institutional investors.

Shares of SNV stock traded up $0.71 during mid-day trading on Wednesday, reaching $49.68. The company’s stock had a trading volume of 242,377 shares, compared to its average volume of 806,496. Synovus has a 1-year low of $39.07 and a 1-year high of $53.14. The stock has a market cap of $5,811.82, a price-to-earnings ratio of 19.67, a P/E/G ratio of 1.79 and a beta of 1.05. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.97 and a current ratio of 0.97.

Synovus (NYSE:SNV) last announced its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.05. Synovus had a net margin of 18.27% and a return on equity of 11.20%. The company had revenue of $339.07 million during the quarter, compared to analysts’ expectations of $338.60 million. During the same quarter in the prior year, the company posted $0.54 EPS. The business’s revenue was up 10.3% on a year-over-year basis. sell-side analysts predict that Synovus will post 3.42 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Thursday, March 15th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, March 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.01%. This is a boost from Synovus’s previous quarterly dividend of $0.15. Synovus’s dividend payout ratio (DPR) is 39.53%.

Synovus announced that its Board of Directors has initiated a share repurchase program on Tuesday, January 23rd that permits the company to buyback $150.00 million in shares. This buyback authorization permits the bank to buy shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

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Synovus Company Profile

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

Analyst Recommendations for Synovus (NYSE:SNV)

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