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Synovus Financial (NYSE:SNV) Shares Gap Up to $37.36

Synovus Financial logo with Finance background

Synovus Financial Corp. (NYSE:SNV - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $37.36, but opened at $38.35. Synovus Financial shares last traded at $38.13, with a volume of 163,456 shares.

Analyst Ratings Changes

A number of equities analysts have issued reports on SNV shares. Raymond James cut Synovus Financial from a "strong-buy" rating to a "market perform" rating in a report on Thursday, April 18th. Jefferies Financial Group lowered their target price on shares of Synovus Financial from $46.00 to $43.00 and set a "buy" rating for the company in a report on Monday, April 8th. Bank of America cut their price target on shares of Synovus Financial from $44.00 to $40.00 and set a "buy" rating on the stock in a report on Friday, April 19th. DA Davidson lifted their target price on shares of Synovus Financial from $43.00 to $47.00 and gave the stock a "buy" rating in a research report on Tuesday, May 7th. Finally, Wells Fargo & Company decreased their price target on Synovus Financial from $42.00 to $40.00 and set an "overweight" rating for the company in a research report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $41.94.

View Our Latest Research Report on Synovus Financial

Synovus Financial Trading Up 2.8 %

The stock's fifty day simple moving average is $37.86 and its two-hundred day simple moving average is $37.73. The firm has a market cap of $5.62 billion, a PE ratio of 13.15, a PEG ratio of 4.99 and a beta of 1.41. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45.


Synovus Financial (NYSE:SNV - Get Free Report) last issued its earnings results on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20). The business had revenue of $537.73 million for the quarter, compared to analysts' expectations of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business's revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.33 earnings per share. On average, sell-side analysts forecast that Synovus Financial Corp. 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 paid a $0.38 dividend. The ex-dividend date is Thursday, June 20th. This represents a $1.52 annualized dividend and a dividend yield of 3.96%. Synovus Financial's dividend payout ratio (DPR) is 52.05%.

Insiders Place Their Bets

In related news, major shareholder Eli Samaha sold 172,889 shares of the company's stock in a transaction on Monday, June 10th. The shares were sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the completion of the transaction, the insider now owns 1,293,259 shares in the company, valued at $32,590,126.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Synovus Financial news, EVP D Wayne Akins, Jr. purchased 24,500 shares of the firm's stock in a transaction that occurred on Friday, June 7th. The stock was purchased 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 owns 41,884 shares of the company's stock, valued at $1,566,461.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Eli Samaha sold 172,889 shares of the business's stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the completion of the sale, the insider now directly owns 1,293,259 shares of the company's stock, valued at $32,590,126.80. The disclosure for this sale can be found here. Insiders sold a total of 179,712 shares of company stock worth $4,528,878 over the last three months. 0.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SNV. Abich Financial Wealth Management LLC raised its stake in Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank's stock valued at $49,000 after buying an additional 371 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Synovus Financial by 18.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank's stock valued at $76,000 after purchasing an additional 298 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new position in shares of Synovus Financial in the 1st quarter valued at approximately $100,000. EMC Capital Management grew its position in Synovus Financial by 28.5% during the 1st quarter. EMC Capital Management now owns 9,632 shares of the bank's stock worth $386,000 after purchasing an additional 2,138 shares during the last quarter. Finally, Comerica Bank increased its stake in Synovus Financial by 93.1% during the 1st quarter. Comerica Bank now owns 121,852 shares of the bank's stock valued at $4,881,000 after purchasing an additional 58,738 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Company Profile

(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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