Synovus Financial Corp. (NYSE:SNV) – Equities research analysts at Jefferies Group cut their FY2017 earnings per share (EPS) estimates for Synovus Financial Corp. in a research report issued to clients and investors on Wednesday. Jefferies Group analyst C. Haire now forecasts that the bank will post earnings per share of $2.33 for the year, down from their previous estimate of $2.54. Jefferies Group has a “Hold” rating and a $50.00 price objective on the stock.
Other research analysts have also issued reports about the stock. Stephens set a $46.00 price objective on shares of Synovus Financial Corp. and gave the company a “buy” rating in a research note on Tuesday, August 15th. Zacks Investment Research raised shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Wednesday, July 19th. SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $51.00 price objective on shares of Synovus Financial Corp. in a research note on Thursday, October 12th. Barclays PLC reaffirmed an “equal weight” rating and issued a $46.00 price objective (up from $44.00) on shares of Synovus Financial Corp. in a research note on Wednesday, July 12th. Finally, ValuEngine lowered shares of Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company’s stock. Synovus Financial Corp. currently has a consensus rating of “Hold” and an average target price of $45.09.
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Shares of Synovus Financial Corp. (NYSE SNV) opened at 46.76 on Friday. The firm has a 50-day moving average of $44.58 and a 200 day moving average of $43.08. Synovus Financial Corp. has a 52 week low of $31.87 and a 52 week high of $47.32. The firm has a market capitalization of $5.68 billion, a price-to-earnings ratio of 21.24 and a beta of 1.10.
Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings results on Tuesday, October 17th. The bank reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.01. Synovus Financial Corp. had a net margin of 21.39% and a return on equity of 10.44%. The firm had revenue of $398.01 million for the quarter, compared to analyst estimates of $331.27 million. During the same period in the previous year, the business earned $0.65 EPS.
The company also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Thursday, September 21st were issued a $0.15 dividend. The ex-dividend date was Wednesday, September 20th. This represents a $0.60 annualized dividend and a dividend yield of 1.28%. Synovus Financial Corp.’s dividend payout ratio is currently 24.19%.
In other news, EVP Curtis J. Perry sold 7,062 shares of the stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $43.86, for a total value of $309,739.32. Following the completion of the sale, the executive vice president now owns 60,038 shares in the company, valued at $2,633,266.68. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.50% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Balentine LLC increased its holdings in Synovus Financial Corp. by 0.4% during the second quarter. Balentine LLC now owns 3,120 shares of the bank’s stock worth $138,000 after buying an additional 12 shares during the last quarter. TLP Group LLC purchased a new stake in Synovus Financial Corp. during the second quarter worth about $145,000. Advisory Services Network LLC increased its holdings in Synovus Financial Corp. by 17.8% during the second quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock worth $152,000 after buying an additional 519 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Synovus Financial Corp. by 21.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock worth $145,000 after buying an additional 622 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Synovus Financial Corp. by 11.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,608 shares of the bank’s stock worth $204,000 after buying an additional 474 shares during the last quarter. Institutional investors and hedge funds own 77.87% of the company’s stock.
Synovus Financial Corp. 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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