Synovus Financial (SNV) Price Target Raised to $53.00 at Barclays
Several other equities analysts also recently weighed in on the company. Zacks Investment Research downgraded Synovus Financial from a buy rating to a hold rating in a research note on Thursday, September 14th. Robert W. Baird reaffirmed a hold rating and issued a $43.00 price objective on shares of Synovus Financial in a research note on Friday, October 20th. ValuEngine downgraded Synovus Financial from a buy rating to a hold rating in a research note on Friday, November 10th. Sanford C. Bernstein reaffirmed a market perform rating and issued a $42.00 price objective (up from $41.00) on shares of Synovus Financial in a research note on Saturday, September 16th. Finally, SunTrust Banks reissued a buy rating and set a $54.00 price target on shares of Synovus Financial in a research report on Wednesday, November 29th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. Synovus Financial presently has an average rating of Hold and an average price target of $47.09.
Synovus Financial (NYSE SNV) traded up $0.08 during midday trading on Tuesday, reaching $48.30. The company had a trading volume of 631,502 shares, compared to its average volume of 697,850. Synovus Financial has a 12-month low of $37.95 and a 12-month high of $51.09. The stock has a market cap of $5,780.00, a P/E ratio of 19.48, a P/E/G ratio of 2.08 and a beta of 1.13. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.66.
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Thursday, December 21st were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend was Wednesday, December 20th. Synovus Financial’s payout ratio is 24.19%.
In other Synovus Financial news, Director Philip W. Tomlinson sold 1,052 shares of the firm’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $48.82, for a total transaction of $51,358.64. Following the completion of the transaction, the director now owns 27,139 shares of the company’s stock, valued at $1,324,925.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Allen J. Gula sold 2,125 shares of the firm’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $47.11, for a total value of $100,108.75. Following the transaction, the chief operating officer now directly owns 72,561 shares of the company’s stock, valued at approximately $3,418,348.71. The disclosure for this sale can be found here. Insiders have sold 13,177 shares of company stock valued at $614,367 in the last three months. 1.50% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of the company. Balentine LLC boosted its holdings in shares of Synovus Financial by 0.4% during the second quarter. Balentine LLC now owns 3,120 shares of the bank’s stock worth $138,000 after purchasing an additional 12 shares during the last quarter. M&T Bank Corp boosted its holdings in shares of Synovus Financial by 1.3% during the second quarter. M&T Bank Corp now owns 7,288 shares of the bank’s stock worth $322,000 after purchasing an additional 91 shares during the last quarter. Calamos Advisors LLC boosted its holdings in shares of Synovus Financial by 2.4% during the second quarter. Calamos Advisors LLC now owns 6,750 shares of the bank’s stock worth $299,000 after purchasing an additional 160 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Synovus Financial by 11.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,608 shares of the bank’s stock worth $204,000 after purchasing an additional 474 shares during the last quarter. Finally, Keel Point LLC boosted its holdings in shares of Synovus Financial by 8.7% during the second quarter. Keel Point LLC now owns 6,262 shares of the bank’s stock worth $277,000 after purchasing an additional 501 shares during the last quarter. Institutional investors and hedge funds own 77.81% of the company’s stock.
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About Synovus Financial
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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