Synovus Financial (NYSE:SNV) Rating Increased to Hold at StockNews.com

Synovus Financial (NYSE:SNV) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.

A number of other research firms have also issued reports on SNV. Evercore ISI reduced their price objective on Synovus Financial from $50.00 to $48.00 and set an “in-line” rating for the company in a research report on Wednesday, October 2nd. Wells Fargo & Company lowered Synovus Financial from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $48.00 to $46.00 in a research report on Tuesday, October 1st. Morgan Stanley boosted their price target on Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Jefferies Financial Group boosted their price target on Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Finally, Bank of America boosted their price target on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Friday. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $51.35.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $50.55 on Friday. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $51.69. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $7.40 billion, a price-to-earnings ratio of 17.31, a price-to-earnings-growth ratio of 2.18 and a beta of 1.38. The business has a 50 day simple moving average of $44.49 and a 200-day simple moving average of $41.31.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The business had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. During the same quarter in the previous year, the firm posted $0.84 EPS. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities research analysts expect that Synovus Financial will post 4 earnings per share for the current year.

Insider Activity at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction of $28,366.80. Following the transaction, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SNV. Millennium Management LLC boosted its stake in shares of Synovus Financial by 181.0% during the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after acquiring an additional 838,932 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Synovus Financial by 9.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after purchasing an additional 491,036 shares during the period. Diamond Hill Capital Management Inc. bought a new stake in Synovus Financial during the 2nd quarter valued at approximately $19,434,000. Interval Partners LP boosted its stake in Synovus Financial by 74.2% during the 1st quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock valued at $15,570,000 after purchasing an additional 165,548 shares during the period. Finally, Wedge Capital Management L L P NC boosted its stake in Synovus Financial by 14.9% during the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock valued at $46,025,000 after purchasing an additional 148,842 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Company Profile

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company's commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.