Synovus Financial Corp. (SNV) Rating Increased to Buy at Zacks Investment Research
Synovus Financial Corp. (NYSE:SNV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage presently has a $36.00 target price on the stock. Zacks Investment Research’s price target would suggest a potential upside of 10.84% from the stock’s previous close.
According to Zacks, “We remain encouraged by Synovus’ cost containment initiatives, which are expected to support bottom-line. Further, the company remains focused on inorganic growth opportunities backed by its strong capital position. In Aug 2016, Synovus inked deal to acquire Entaire Global Companies, Inc., with an aim to diversify its loan portfolio. Management expects the transaction to be immediately accretive to Synovus’ earnings per share, return on equity and return on assets. Also, the company is focused on disposing its distressed assets, thereby enhancing its balance sheet position. However, top-line pressure amid low interest rate environment and stringent regulations remain near-term headwinds.”
A number of other research firms have also recently weighed in on SNV. Wells Fargo & Co. cut Synovus Financial Corp. from a “market perform” rating to an “underperform” rating in a research report on Tuesday, August 23rd. Hovde Group lifted their price target on Synovus Financial Corp. from $34.00 to $35.50 and gave the stock an “outperform” rating in a research report on Friday, August 19th. Barclays PLC lifted their price target on Synovus Financial Corp. from $29.00 to $31.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 20th. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Synovus Financial Corp. in a research report on Saturday, July 9th. Finally, Bank of America Corp. cut Synovus Financial Corp. from a “buy” rating to a “neutral” rating in a research report on Wednesday, June 29th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $31.25.
Synovus Financial Corp. (NYSE:SNV) opened at 32.48 on Tuesday. The company has a market cap of $3.99 billion, a price-to-earnings ratio of 19.22 and a beta of 1.89. The stock has a 50 day moving average price of $32.27 and a 200-day moving average price of $30.57. Synovus Financial Corp. has a 1-year low of $25.48 and a 1-year high of $33.80.
Synovus Financial Corp. (NYSE:SNV) last posted its quarterly earnings data on Tuesday, July 19th. The company reported $0.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.02. The firm earned $289.30 million during the quarter, compared to analysts’ expectations of $288.06 million. Synovus Financial Corp. had a return on equity of 8.42% and a net margin of 18.39%. During the same quarter last year, the firm earned $0.40 EPS. On average, equities research analysts forecast that Synovus Financial Corp. will post $1.86 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th will be paid a dividend of $0.12 per share. The ex-dividend date is Tuesday, September 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.48%. Synovus Financial Corp.’s payout ratio is currently 28.24%.
Several institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC raised its position in shares of Synovus Financial Corp. by 17.2% in the first quarter. Renaissance Technologies LLC now owns 633,200 shares of the company’s stock valued at $18,306,000 after buying an additional 92,900 shares in the last quarter. HBK Investments L P acquired a new position in shares of Synovus Financial Corp. during the first quarter valued at $332,000. Riverhead Capital Management LLC raised its position in shares of Synovus Financial Corp. by 35.4% in the first quarter. Riverhead Capital Management LLC now owns 31,008 shares of the company’s stock valued at $897,000 after buying an additional 8,108 shares in the last quarter. UBS Group AG raised its position in shares of Synovus Financial Corp. by 15.7% in the first quarter. UBS Group AG now owns 124,635 shares of the company’s stock valued at $3,603,000 after buying an additional 16,911 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its position in shares of Synovus Financial Corp. by 6.1% in the first quarter. Canada Pension Plan Investment Board now owns 17,500 shares of the company’s stock valued at $506,000 after buying an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 76.68% of the company’s stock.
Synovus Financial Corp. Company Profile
Synovus Financial Corp. is a financial services 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 over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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