Synovus Financial (SNV) Upgraded by Barclays to “Overweight”
Barclays upgraded shares of Synovus Financial (NYSE:SNV) from an equal weight rating to an overweight rating in a research note published on Thursday, MarketBeat Ratings reports. Barclays currently has $45.00 price objective on the bank’s stock, down from their previous price objective of $47.00.
Several other research analysts have also issued reports on the stock. SunTrust Banks lowered their price target on shares of Synovus Financial to $38.00 and set a buy rating for the company in a report on Friday, January 4th. They noted that the move was a valuation call. TheStreet lowered shares of Synovus Financial from a b- rating to a c+ rating in a report on Wednesday, January 2nd. Robert W. Baird upgraded shares of Synovus Financial from a neutral rating to an outperform rating and set a $30.73 price target for the company in a report on Wednesday, December 19th. Piper Jaffray Companies restated a hold rating and set a $43.00 price target on shares of Synovus Financial in a report on Tuesday, November 27th. Finally, FIG Partners upgraded shares of Synovus Financial from a market perform rating to an outperform rating in a report on Tuesday, November 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $48.75.
NYSE SNV traded up $0.18 during trading hours on Thursday, reaching $34.96. The company’s stock had a trading volume of 2,614,837 shares, compared to its average volume of 3,182,967. The firm has a market cap of $4.01 billion, a PE ratio of 13.82, a price-to-earnings-growth ratio of 1.06 and a beta of 1.23. Synovus Financial has a 52 week low of $29.93 and a 52 week 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.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 2nd. Stockholders of record on Thursday, December 20th were paid a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, December 19th. This represents a $1.00 annualized dividend and a dividend yield of 2.86%. Synovus Financial’s dividend payout ratio is currently 39.53%.
In other Synovus Financial news, CFO Kevin S. Blair purchased 750 shares of Synovus Financial stock in a transaction that occurred on Thursday, October 25th. The stock was acquired at an average price of $37.18 per share, with a total value of $27,885.00. Following the transaction, the chief financial officer now owns 53,986 shares in the company, valued at approximately $2,007,199.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kessel D. Stelling purchased 7,500 shares of Synovus Financial stock in a transaction that occurred on Thursday, December 6th. The stock was acquired at an average cost of $34.72 per share, with a total value of $260,400.00. The disclosure for this purchase can be found here. Insiders bought a total of 11,250 shares of company stock valued at $399,195 in the last quarter. 1.50% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. First Hawaiian Bank grew its position in Synovus Financial by 36.3% in the 4th quarter. First Hawaiian Bank now owns 12,317 shares of the bank’s stock valued at $394,000 after purchasing an additional 3,283 shares during the period. State of Alaska Department of Revenue boosted its holdings in Synovus Financial by 46.0% during the 4th quarter. State of Alaska Department of Revenue now owns 17,875 shares of the bank’s stock worth $570,000 after acquiring an additional 5,628 shares during the last quarter. Vanguard Group Inc boosted its holdings in Synovus Financial by 3.6% during the 3rd quarter. Vanguard Group Inc now owns 11,158,600 shares of the bank’s stock worth $510,952,000 after acquiring an additional 387,831 shares during the last quarter. Marshall Wace LLP boosted its holdings in Synovus Financial by 9,034.5% during the 3rd quarter. Marshall Wace LLP now owns 1,341,681 shares of the bank’s stock worth $61,436,000 after acquiring an additional 1,326,993 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Synovus Financial by 3.6% during the 3rd quarter. Vanguard Group Inc. now owns 11,158,600 shares of the bank’s stock worth $510,952,000 after acquiring an additional 387,831 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.
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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