Synovus Financial (NYSE:SNV) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Synovus Financial (NYSE:SNV) from a sell rating to a hold rating in a research note released on Friday.

Other research analysts also recently issued research reports about the company. Royal Bank of Canada upped their target price on Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a report on Friday. Stephens upped their price target on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Friday. Morgan Stanley upped their price target on Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Bank of America upped their price target on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Keefe, Bruyette & Woods upped their price target on Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 9th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $51.88.

Synovus Financial Stock Down 3.3 %

SNV stock opened at $48.88 on Friday. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $51.69. The business’s 50 day moving average price is $44.49 and its two-hundred day moving average price is $41.33. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market capitalization of $7.16 billion, a price-to-earnings ratio of 16.74, a price-to-earnings-growth ratio of 2.36 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. During the same quarter in the prior year, the business earned $0.84 EPS. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, analysts forecast that Synovus Financial will post 4.04 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.11%. Synovus Financial’s payout ratio is 52.05%.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 614 shares of the 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 $685,284.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. Nordea Investment Management AB increased its stake in shares of Synovus Financial by 24.5% in the 1st quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock worth $13,233,000 after purchasing an additional 64,621 shares in the last quarter. &PARTNERS purchased a new stake in shares of Synovus Financial in the 2nd quarter worth $284,000. Texas Permanent School Fund Corp increased its stake in shares of Synovus Financial by 19.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after purchasing an additional 25,028 shares in the last quarter. Private Capital Management LLC increased its stake in shares of Synovus Financial by 6.2% in the 1st quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock worth $14,644,000 after purchasing an additional 21,456 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of Synovus Financial by 92.0% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock worth $1,852,000 after purchasing an additional 22,621 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

About Synovus Financial

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.