Synovus Financial Corp. (NYSE:SNV) Receives Average Recommendation of “Buy” from Brokerages

Shares of Synovus Financial Corp. (NYSE:SNVGet Rating) have earned an average recommendation of “Buy” from the nine brokerages that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have covered the stock in the last year is $59.50.

A number of research firms have issued reports on SNV. Zacks Investment Research raised shares of Synovus Financial from a “hold” rating to a “strong-buy” rating and set a $53.00 price objective on the stock in a report on Tuesday. JPMorgan Chase & Co. raised shares of Synovus Financial from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $53.00 to $56.00 in a report on Wednesday, December 15th. StockNews.com began coverage on shares of Synovus Financial in a report on Thursday, March 31st. They set a “hold” rating on the stock. Raymond James lifted their price objective on shares of Synovus Financial from $56.00 to $58.00 and gave the stock an “outperform” rating in a report on Friday, January 21st. Finally, Wells Fargo & Company lifted their price objective on shares of Synovus Financial from $60.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday, March 21st.

In other news, CEO Kevin S. Blair acquired 3,100 shares of the stock in a transaction that occurred on Thursday, February 24th. The shares were acquired at an average cost of $48.49 per share, for a total transaction of $150,319.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.55% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC raised its stake in Synovus Financial by 54.8% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 139,334 shares of the bank’s stock valued at $6,115,000 after acquiring an additional 49,340 shares during the period. New York State Teachers Retirement System increased its position in shares of Synovus Financial by 35.6% during the third quarter. New York State Teachers Retirement System now owns 83,209 shares of the bank’s stock valued at $3,652,000 after buying an additional 21,826 shares during the period. Man Group plc increased its position in shares of Synovus Financial by 34.2% during the third quarter. Man Group plc now owns 117,448 shares of the bank’s stock valued at $5,155,000 after buying an additional 29,905 shares during the period. WBI Investments Inc. bought a new stake in shares of Synovus Financial during the third quarter valued at about $2,320,000. Finally, Advisory Services Network LLC increased its position in shares of Synovus Financial by 0.8% during the third quarter. Advisory Services Network LLC now owns 72,303 shares of the bank’s stock valued at $3,174,000 after buying an additional 539 shares during the period. Institutional investors and hedge funds own 77.76% of the company’s stock.

Shares of SNV stock opened at $44.77 on Wednesday. The firm has a market capitalization of $6.51 billion, a PE ratio of 9.14, a price-to-earnings-growth ratio of 2.00 and a beta of 1.41. The firm has a fifty day simple moving average of $49.77 and a two-hundred day simple moving average of $48.68. The company has a current ratio of 0.86, a quick ratio of 0.84 and a debt-to-equity ratio of 0.25. Synovus Financial has a 12 month low of $38.42 and a 12 month high of $54.40.

Synovus Financial (NYSE:SNVGet Rating) last announced its quarterly earnings results on Thursday, January 20th. The bank reported $1.35 EPS for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.25. The business had revenue of $509.38 million during the quarter, compared to analyst estimates of $492.24 million. Synovus Financial had a net margin of 36.15% and a return on equity of 16.18%. During the same quarter in the previous year, the business posted $1.08 EPS. On average, equities analysts predict that Synovus Financial will post 4.48 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, April 1st. Investors of record on Thursday, March 17th were issued a $0.34 dividend. This is an increase from Synovus Financial’s previous quarterly dividend of $0.33. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date was Wednesday, March 16th. Synovus Financial’s payout ratio is 27.76%.

About Synovus Financial (Get Rating)

Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.

See Also

Analyst Recommendations for Synovus Financial (NYSE:SNV)

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.