Synovus Financial Corp. (NYSE:SNV) has received an average recommendation of “Buy” from the nineteen ratings firms that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation, fifteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $44.62.
SNV has been the topic of a number of research analyst reports. Hovde Group raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $40.00 to $42.00 in a research report on Tuesday, August 27th. Raymond James decreased their target price on shares of Synovus Financial from $44.00 to $42.00 and set a “strong-buy” rating for the company in a research report on Tuesday, June 18th. SunTrust Banks decreased their target price on shares of Synovus Financial from $42.00 to $41.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. ValuEngine raised shares of Synovus Financial from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 27th. Finally, Royal Bank of Canada assumed coverage on shares of Synovus Financial in a research report on Friday, July 12th. They issued an “outperform” rating and a $42.00 target price for the company.
Shares of SNV stock traded up $0.46 during trading hours on Wednesday, reaching $37.28. 1,682,969 shares of the stock traded hands, compared to its average volume of 1,837,641. The business has a fifty day moving average price of $35.97 and a 200 day moving average price of $35.60. Synovus Financial has a 1-year low of $29.93 and a 1-year high of $48.38. The firm has a market capitalization of $5.81 billion, a PE ratio of 10.24, a PEG ratio of 1.19 and a beta of 1.34. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.51.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Tuesday, July 16th. The bank reported $1.00 EPS for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.01. Synovus Financial had a net margin of 24.15% and a return on equity of 15.11%. The firm had revenue of $487.90 million for the quarter, compared to the consensus estimate of $482.13 million. During the same period in the previous year, the firm posted $0.92 earnings per share. The firm’s revenue was up 36.2% on a year-over-year basis. Research analysts expect that Synovus Financial will post 4.01 earnings per share for the current fiscal year.
The company also recently disclosed a — dividend, which will be paid on Tuesday, October 1st. Investors of record on Thursday, September 19th will be issued a dividend of $0.30 per share. This represents a dividend yield of 3.3%. The ex-dividend date is Wednesday, September 18th. Synovus Financial’s dividend payout ratio is currently 32.97%.
In related news, VP Mark G. Holladay sold 5,000 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $35.72, for a total transaction of $178,600.00. Following the completion of the sale, the vice president now directly owns 60,289 shares of the company’s stock, valued at approximately $2,153,523.08. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.00% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Toronto Dominion Bank raised its stake in Synovus Financial by 23.5% during the 2nd quarter. Toronto Dominion Bank now owns 2,616 shares of the bank’s stock valued at $92,000 after purchasing an additional 498 shares during the last quarter. Algebris UK Ltd raised its stake in Synovus Financial by 34.5% during the 2nd quarter. Algebris UK Ltd now owns 566,640 shares of the bank’s stock valued at $19,832,000 after purchasing an additional 145,258 shares during the last quarter. Salzhauer Michael raised its stake in Synovus Financial by 12.6% during the 2nd quarter. Salzhauer Michael now owns 90,458 shares of the bank’s stock valued at $3,167,000 after purchasing an additional 10,110 shares during the last quarter. Barings LLC acquired a new position in Synovus Financial during the 2nd quarter valued at $303,000. Finally, Royal Bank of Canada raised its stake in Synovus Financial by 95.1% during the 2nd quarter. Royal Bank of Canada now owns 310,311 shares of the bank’s stock valued at $10,861,000 after purchasing an additional 151,267 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.
Synovus Financial 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 treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
See Also: What is a stock portfolio tracker?
Receive News & Ratings for Synovus Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synovus Financial and related companies with MarketBeat.com's FREE daily email newsletter.