Synovus Financial (NYSE:SNV) Shares Up 0.4%

Synovus Financial Corp. (NYSE:SNV) shares shot up 0.4% during trading on Wednesday . The stock traded as high as $16.16 and last traded at $15.88, 332,520 shares changed hands during trading. A decline of 88% from the average session volume of 2,760,090 shares. The stock had previously closed at $15.82.

Several research firms have commented on SNV. Royal Bank of Canada restated a “hold” rating and set a $39.00 price objective on shares of Synovus Financial in a report on Monday, January 27th. ValuEngine downgraded Synovus Financial from a “hold” rating to a “sell” rating in a report on Tuesday, March 3rd. Raymond James downgraded Synovus Financial from a “strong-buy” rating to an “outperform” rating and cut their price target for the company from $46.00 to $41.00 in a report on Monday, January 27th. SunTrust Banks cut their price target on Synovus Financial to in a report on Monday, January 27th. Finally, Robert W. Baird cut their price target on Synovus Financial from $44.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, January 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $39.33.

The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.94 and a current ratio of 0.95. The firm has a market capitalization of $2.33 billion, a PE ratio of 5.34, a P/E/G ratio of 0.62 and a beta of 1.43. The stock has a fifty day moving average price of $27.66 and a 200-day moving average price of $34.70.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Friday, January 24th. The bank reported $0.94 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.97 by ($0.03). The business had revenue of $498.00 million during the quarter, compared to analyst estimates of $484.72 million. Synovus Financial had a return on equity of 14.09% and a net margin of 23.43%. The firm’s revenue for the quarter was up 36.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.92 EPS. Research analysts expect that Synovus Financial Corp. will post 3.21 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 9th will be given a $0.33 dividend. This is a boost from Synovus Financial’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.10%. Synovus Financial’s dividend payout ratio (DPR) is presently 33.85%.

In other Synovus Financial news, Director Stephen T. Butler acquired 2,120 shares of the stock in a transaction dated Tuesday, March 10th. The stock was purchased at an average price of $23.73 per share, with a total value of $50,307.60. Following the transaction, the director now directly owns 112,302 shares of the company’s stock, valued at $2,664,926.46. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Andrew J. Jr. Gregory acquired 5,000 shares of the stock in a transaction dated Thursday, March 5th. The stock was acquired at an average cost of $26.86 per share, with a total value of $134,300.00. Following the transaction, the chief financial officer now directly owns 27,423 shares in the company, valued at $736,581.78. The disclosure for this purchase can be found here. 1.10% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of the company. Franklin Resources Inc. lifted its position in Synovus Financial by 18.0% during the 4th quarter. Franklin Resources Inc. now owns 2,932,508 shares of the bank’s stock worth $114,954,000 after acquiring an additional 447,370 shares during the period. EJF Capital LLC lifted its position in Synovus Financial by 128.1% during the 4th quarter. EJF Capital LLC now owns 2,119,702 shares of the bank’s stock worth $83,092,000 after acquiring an additional 1,190,600 shares during the period. Thrivent Financial for Lutherans lifted its position in Synovus Financial by 29.6% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,558,139 shares of the bank’s stock worth $61,079,000 after acquiring an additional 355,971 shares during the period. Norges Bank acquired a new stake in Synovus Financial during the 4th quarter worth about $54,882,000. Finally, FMR LLC lifted its position in Synovus Financial by 38,932.2% during the 4th quarter. FMR LLC now owns 1,381,351 shares of the bank’s stock worth $54,150,000 after acquiring an additional 1,377,812 shares during the period. 81.01% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Company Profile (NYSE:SNV)

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

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