Synovus Financial (SNV) Upgraded at FIG Partners
Synovus Financial (NYSE:SNV) was upgraded by analysts at FIG Partners from a “market perform” rating to an “outperform” rating in a research note issued to investors on Tuesday, The Fly reports.
Several other research analysts have also recently commented on the company. Morgan Stanley reaffirmed a “hold” rating and issued a $55.00 target price (down from $56.00) on shares of Synovus Financial in a research report on Tuesday, September 18th. Zacks Investment Research raised Synovus Financial from a “hold” rating to a “buy” rating and set a $53.00 target price for the company in a research report on Tuesday, September 25th. ValuEngine cut Synovus Financial from a “hold” rating to a “sell” rating in a report on Wednesday, September 26th. Stephens reissued a “hold” rating and set a $54.00 price objective on shares of Synovus Financial in a report on Tuesday, October 23rd. Finally, Wells Fargo & Co set a $51.00 price objective on Synovus Financial and gave the company a “hold” rating in a report on Tuesday, October 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $52.08.
Shares of SNV stock opened at $37.55 on Tuesday. The firm has a market capitalization of $4.39 billion, a P/E ratio of 14.84, a PEG ratio of 1.29 and a beta of 1.18. Synovus Financial has a one year low of $36.24 and a one year high of $57.40. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.97 and a quick ratio of 0.97.
In other Synovus Financial news, CFO Kevin S. Blair acquired 750 shares of the company’s stock in a transaction that occurred on Thursday, October 25th. The stock was acquired at an average cost of $37.18 per share, for a total transaction of $27,885.00. Following the transaction, the chief financial officer now directly owns 53,986 shares in the company, valued at $2,007,199.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Elizabeth W. Camp acquired 3,000 shares of the company’s stock in a transaction that occurred on Thursday, October 25th. The shares were acquired at an average price of $36.97 per share, with a total value of $110,910.00. Following the completion of the transaction, the director now owns 16,718 shares in the company, valued at $618,064.46. The disclosure for this purchase can be found here. 1.50% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in SNV. Oregon Public Employees Retirement Fund raised its position in Synovus Financial by 2.9% in the second quarter. Oregon Public Employees Retirement Fund now owns 47,110 shares of the bank’s stock valued at $2,489,000 after purchasing an additional 1,335 shares during the last quarter. American International Group Inc. increased its stake in shares of Synovus Financial by 0.6% in the second quarter. American International Group Inc. now owns 238,803 shares of the bank’s stock valued at $12,616,000 after buying an additional 1,387 shares during the period. Signaturefd LLC increased its stake in shares of Synovus Financial by 265.5% in the second quarter. Signaturefd LLC now owns 2,054 shares of the bank’s stock valued at $109,000 after buying an additional 1,492 shares during the period. BB&T Securities LLC increased its stake in shares of Synovus Financial by 25.8% in the second quarter. BB&T Securities LLC now owns 7,291 shares of the bank’s stock valued at $385,000 after buying an additional 1,497 shares during the period. Finally, Signature Estate & Investment Advisors LLC grew its stake in Synovus Financial by 10.0% during the third quarter. Signature Estate & Investment Advisors LLC now owns 22,863 shares of the bank’s stock worth $1,047,000 after purchasing an additional 2,076 shares during the period. Institutional investors and hedge funds own 82.68% 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 cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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