Synovus Financial (SNV) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Synovus Financial (NYSE:SNV) from a buy rating to a hold rating in a report released on Tuesday.
According to Zacks, “Shares of Synovus have outperformed the industry over the past six months. This price performance is backed by the impressive earnings surprise history. The company has surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. Fourth-quarter 2017 results reflect robust organic growth, partially offset by higher expenses. Synovus’ organic and inorganic growth strategies position it well for the future. Further, its focus on balance-sheet growth keeps us encouraged. The company’s promising capital deployment activities reflect its strong capital position. However, escalating expenses is likely to keep bottom-line under pressure.”
SNV has been the topic of a number of other research reports. Robert W. Baird restated a hold rating and set a $43.00 price objective on shares of Synovus Financial in a research note on Friday, October 20th. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $48.00 target price on shares of Synovus Financial in a research report on Thursday, October 19th. Barclays set a $49.00 target price on Synovus Financial and gave the stock a hold rating in a research report on Wednesday, October 18th. SunTrust Banks reaffirmed a buy rating and set a $54.00 target price on shares of Synovus Financial in a research report on Wednesday, November 29th. Finally, Stephens reaffirmed a buy rating and set a $56.00 target price on shares of Synovus Financial in a research report on Wednesday, January 24th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $51.92.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.05. The company had revenue of $339.07 million for the quarter, compared to analysts’ expectations of $338.60 million. Synovus Financial had a return on equity of 11.20% and a net margin of 18.27%. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.54 earnings per share. sell-side analysts expect that Synovus Financial will post 3.41 EPS for the current year.
Synovus Financial announced that its Board of Directors has initiated a share buyback program on Tuesday, January 23rd that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the bank to purchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
In related news, VP Mark G. Holladay sold 5,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $50.16, for a total value of $250,800.00. Following the completion of the sale, the vice president now directly owns 52,063 shares of the company’s stock, valued at $2,611,480.08. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Philip W. Tomlinson sold 1,052 shares of the business’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $48.82, for a total value of $51,358.64. Following the completion of the sale, the director now directly owns 27,139 shares of the company’s stock, valued at $1,324,925.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,502 shares of company stock worth $425,198. Corporate insiders own 1.50% of the company’s stock.
A number of institutional investors have recently made changes to their positions in SNV. PNC Financial Services Group Inc. increased its holdings in Synovus Financial by 16.5% in the second quarter. PNC Financial Services Group Inc. now owns 4,120 shares of the bank’s stock valued at $182,000 after buying an additional 583 shares during the last quarter. Parametric Portfolio Associates LLC increased its holdings in Synovus Financial by 3.4% in the second quarter. Parametric Portfolio Associates LLC now owns 177,016 shares of the bank’s stock valued at $7,831,000 after buying an additional 5,900 shares during the last quarter. QS Investors LLC increased its holdings in Synovus Financial by 11.0% in the second quarter. QS Investors LLC now owns 10,039 shares of the bank’s stock valued at $444,000 after buying an additional 993 shares during the last quarter. Janus Henderson Group PLC bought a new stake in Synovus Financial in the second quarter valued at about $6,189,000. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in Synovus Financial by 4.1% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 25,312 shares of the bank’s stock valued at $1,120,000 after buying an additional 1,001 shares during the last quarter. 78.35% of the stock is owned by hedge funds and other institutional investors.
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Synovus Financial 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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