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Synovus Financial Corp. (NYSE:SNV) Receives Average Rating of "Moderate Buy" from Analysts

Synovus Financial logo with Finance background

Shares of Synovus Financial Corp. (NYSE:SNV - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the sixteen research firms that are presently covering the company, MarketBeat reports. Seven investment analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $41.50.

Several research firms recently weighed in on SNV. Bank of America reduced their price objective on Synovus Financial from $44.00 to $40.00 and set a "buy" rating on the stock in a research note on Friday, April 19th. Wells Fargo & Company reduced their price target on shares of Synovus Financial from $42.00 to $40.00 and set an "overweight" rating on the stock in a research note on Friday, April 19th. Stephens reiterated an "equal weight" rating and set a $38.00 price objective on shares of Synovus Financial in a research report on Tuesday, May 7th. Morgan Stanley reissued an "equal weight" rating and issued a $37.00 price objective on shares of Synovus Financial in a research note on Monday, April 22nd. Finally, Evercore ISI boosted their target price on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an "in-line" rating in a research note on Thursday, March 28th.

View Our Latest Stock Report on SNV

Insider Activity at Synovus Financial

In other news, major shareholder Eli Samaha sold 6,803 shares of the stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total transaction of $171,571.66. Following the completion of the sale, the insider now directly owns 1,466,493 shares in the company, valued at $36,984,953.46. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, major shareholder Eli Samaha sold 6,803 shares of the company's stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total transaction of $171,571.66. Following the sale, the insider now owns 1,466,493 shares in the company, valued at approximately $36,984,953.46. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP D Wayne Akins, Jr. bought 24,500 shares of the firm's stock in a transaction that occurred on Friday, June 7th. The shares were acquired at an average cost of $37.40 per share, with a total value of $916,300.00. Following the purchase, the executive vice president now directly owns 41,884 shares of the company's stock, valued at $1,566,461.60. The disclosure for this purchase can be found here. Insiders have sold 179,712 shares of company stock worth $4,528,878 over the last ninety days. Insiders own 0.81% of the company's stock.


Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of SNV. Allworth Financial LP boosted its position in shares of Synovus Financial by 333.5% during the 4th quarter. Allworth Financial LP now owns 724 shares of the bank's stock worth $27,000 after purchasing an additional 557 shares in the last quarter. International Assets Investment Management LLC bought a new position in Synovus Financial in the fourth quarter worth approximately $28,000. MeadowBrook Investment Advisors LLC bought a new position in Synovus Financial in the fourth quarter worth approximately $30,000. American National Bank bought a new stake in shares of Synovus Financial during the fourth quarter valued at approximately $38,000. Finally, Tennessee Valley Asset Management Partners acquired a new position in shares of Synovus Financial during the fourth quarter worth approximately $42,000. Institutional investors and hedge funds own 83.85% of the company's stock.

Synovus Financial Price Performance

Shares of NYSE:SNV traded up $0.44 during midday trading on Friday, hitting $37.36. The stock had a trading volume of 2,284,395 shares, compared to its average volume of 1,382,386. The company's 50-day moving average price is $37.83 and its 200-day moving average price is $37.65. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $40.92. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $5.47 billion, a P/E ratio of 12.79, a price-to-earnings-growth ratio of 5.02 and a beta of 1.41.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The firm had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. During the same quarter in the prior year, the firm earned $1.33 earnings per share. The firm's revenue for the quarter was down 12.4% on a year-over-year basis. As a group, equities research analysts predict that Synovus Financial will post 3.82 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Thursday, June 20th will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, June 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.07%. Synovus Financial's dividend payout ratio (DPR) is 52.05%.

About Synovus Financial

(Get Free Report

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.

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