Synovus Financial (NYSE:SNV) Earns Hold (C+) Rating from Weiss Ratings

Synovus Financial (NYSE:SNV - Get Free Report)'s stock had its "hold (c+)" rating reaffirmed by Weiss Ratings in a report released on Friday,Weiss Ratings reports.

A number of other brokerages also recently commented on SNV. DA Davidson restated a "buy" rating and set a $63.00 price objective on shares of Synovus Financial in a research report on Thursday, October 16th. Keefe, Bruyette & Woods downgraded shares of Synovus Financial from an "outperform" rating to a "market perform" rating and cut their price target for the company from $65.00 to $50.00 in a report on Tuesday, August 12th. Stephens cut their price target on shares of Synovus Financial from $54.00 to $51.00 and set an "equal weight" rating for the company in a report on Friday, October 17th. Raymond James Financial downgraded shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a report on Monday, July 28th. Finally, Wall Street Zen upgraded shares of Synovus Financial from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Eight investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $58.71.

Synovus Financial Stock Up 1.4%

Shares of Synovus Financial stock opened at $46.07 on Friday. The company has a market cap of $6.39 billion, a P/E ratio of 8.59, a PEG ratio of 0.79 and a beta of 1.21. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91. Synovus Financial has a one year low of $35.94 and a one year high of $61.06. The firm has a fifty day moving average of $49.28 and a two-hundred day moving average of $48.59.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.10. The company had revenue of $612.79 million during the quarter, compared to the consensus estimate of $604.59 million. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. Synovus Financial's quarterly revenue was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.23 EPS. On average, analysts forecast that Synovus Financial will post 4.89 earnings per share for the current year.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Diana M. Murphy bought 1,000 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was purchased at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the acquisition, the director owned 40,171 shares of the company's stock, valued at $1,960,344.80. The trade was a 2.55% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Andrew J. Jr. Gregory bought 2,000 shares of the company's stock in a transaction on Tuesday, July 29th. The shares were acquired at an average price of $48.90 per share, with a total value of $97,800.00. Following the completion of the acquisition, the chief financial officer directly owned 58,220 shares in the company, valued at $2,846,958. This represents a 3.56% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 9,040 shares of company stock valued at $438,286. Insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On Synovus Financial

Several hedge funds have recently added to or reduced their stakes in SNV. GAMMA Investing LLC increased its holdings in Synovus Financial by 37.5% during the 1st quarter. GAMMA Investing LLC now owns 5,368 shares of the bank's stock valued at $251,000 after acquiring an additional 1,465 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Synovus Financial by 122.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 60,405 shares of the bank's stock worth $2,823,000 after purchasing an additional 33,294 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Synovus Financial by 2.4% during the 1st quarter. State of Alaska Department of Revenue now owns 16,535 shares of the bank's stock worth $772,000 after purchasing an additional 382 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Synovus Financial during the 1st quarter worth about $251,000. Finally, KBC Group NV boosted its stake in shares of Synovus Financial by 265.2% during the 1st quarter. KBC Group NV now owns 21,966 shares of the bank's stock worth $1,027,000 after purchasing an additional 15,952 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Company Profile

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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