Barclays Boosts Synovus Financial (SNV) Price Target to $53.00
Synovus Financial (NYSE:SNV) had its price objective lifted by Barclays from $49.00 to $53.00 in a report published on Tuesday morning, MarketBeat Ratings reports. Barclays currently has an equal weight rating on the bank’s stock.
A number of other research firms have also recently commented on SNV. Zacks Investment Research upgraded Synovus Financial from a hold rating to a buy rating and set a $55.00 price objective for the company in a research report on Tuesday, December 26th. Robert W. Baird reiterated a hold rating and set a $43.00 price objective on shares of Synovus Financial in a research report on Friday, October 20th. Sanford C. Bernstein reiterated a market perform rating and set a $42.00 price objective (up previously from $41.00) on shares of Synovus Financial in a research report on Saturday, September 16th. ValuEngine cut Synovus Financial from a buy rating to a hold rating in a research report on Friday, November 10th. Finally, Keefe, Bruyette & Woods reissued a hold rating and issued a $53.00 price target on shares of Synovus Financial in a research note on Friday, December 22nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. Synovus Financial has a consensus rating of Hold and an average price target of $47.00.
Shares of Synovus Financial (SNV) traded up $0.49 during mid-day trading on Tuesday, hitting $48.79. The stock had a trading volume of 896,600 shares, compared to its average volume of 764,100. Synovus Financial has a twelve month low of $37.95 and a twelve month high of $51.09. The stock has a market capitalization of $5,772.56, a PE ratio of 19.67, a P/E/G ratio of 2.05 and a beta of 1.13. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.66.
Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Tuesday, October 17th. The bank reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01. The firm had revenue of $398.01 million during the quarter, compared to analysts’ expectations of $331.27 million. Synovus Financial had a return on equity of 10.44% and a net margin of 21.39%. During the same quarter last year, the business posted $0.65 EPS. analysts forecast that Synovus Financial will post 2.45 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Thursday, December 21st were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.23%. The ex-dividend date of this dividend was Wednesday, December 20th. Synovus Financial’s dividend payout ratio is currently 24.19%.
In other news, Director Philip W. Tomlinson sold 1,052 shares of Synovus Financial stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $48.82, for a total value of $51,358.64. Following the transaction, the director now directly owns 27,139 shares of the company’s stock, valued at approximately $1,324,925.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP R Dallis Copeland, Jr. sold 10,000 shares of Synovus Financial stock in a transaction dated Thursday, October 19th. The shares were sold at an average price of $46.29, for a total value of $462,900.00. Following the completion of the transaction, the executive vice president now directly owns 43,488 shares in the company, valued at $2,013,059.52. The disclosure for this sale can be found here. Insiders sold a total of 13,177 shares of company stock worth $614,367 over the last ninety days. Corporate insiders own 1.50% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio lifted its stake in shares of Synovus Financial by 95.2% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 94,850 shares of the bank’s stock valued at $4,369,000 after purchasing an additional 46,252 shares in the last quarter. GSA Capital Partners LLP lifted its stake in shares of Synovus Financial by 157.2% in the 3rd quarter. GSA Capital Partners LLP now owns 30,651 shares of the bank’s stock valued at $1,412,000 after purchasing an additional 18,736 shares in the last quarter. Sterling Capital Management LLC acquired a new position in shares of Synovus Financial in the 3rd quarter valued at about $5,642,000. California Public Employees Retirement System lifted its stake in shares of Synovus Financial by 7.9% in the 3rd quarter. California Public Employees Retirement System now owns 376,710 shares of the bank’s stock valued at $17,351,000 after purchasing an additional 27,553 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Synovus Financial in the 3rd quarter valued at about $862,000. 77.81% of the stock is currently owned by institutional investors and hedge funds.
Synovus Financial 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.
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