Synovus Financial Corp. (NYSE:SNV) has been given a consensus recommendation of “Hold” by the sixteen ratings firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $46.09.
SNV has been the subject of a number of recent research reports. Zacks Investment Research upgraded shares of Synovus Financial from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research note on Tuesday, September 19th. SunTrust Banks restated a “buy” rating and set a $51.00 price target on shares of Synovus Financial in a research report on Thursday, October 12th. ValuEngine lowered shares of Synovus Financial from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. Jefferies Group restated a “hold” rating and set a $50.00 price target on shares of Synovus Financial in a research report on Thursday, October 12th. Finally, Robert W. Baird restated a “hold” rating and set a $43.00 price target on shares of Synovus Financial in a research report on Friday, October 20th.
Shares of Synovus Financial (SNV) opened at $48.95 on Monday. 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 company has a market cap of $5,810.00, a P/E ratio of 19.74, a P/E/G ratio of 2.51 and a beta of 1.12. Synovus Financial has a 1-year low of $37.95 and a 1-year high of $51.09.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Thursday, December 21st will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.23%. The ex-dividend date is Wednesday, December 20th. Synovus Financial’s dividend payout ratio is presently 24.19%.
In related news, COO Allen J. Gula sold 2,125 shares of the business’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $47.11, for a total transaction of $100,108.75. Following the transaction, the chief operating officer now owns 72,561 shares in the company, valued at $3,418,348.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP R Dallis Copeland, Jr. sold 10,000 shares of the business’s stock in a transaction dated Thursday, October 19th. The shares were sold at an average price of $46.29, for a total transaction of $462,900.00. Following the transaction, the executive vice president now owns 43,488 shares in the company, valued at approximately $2,013,059.52. The disclosure for this sale can be found here. Insiders sold 13,177 shares of company stock valued at $614,367 over the last three months. 1.50% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the company. AJO LP raised its position in Synovus Financial by 291.0% in the second quarter. AJO LP now owns 1,089,237 shares of the bank’s stock worth $48,188,000 after acquiring an additional 810,692 shares during the period. Eagle Asset Management Inc. raised its position in shares of Synovus Financial by 25.0% during the 3rd quarter. Eagle Asset Management Inc. now owns 3,362,104 shares of the bank’s stock valued at $156,270,000 after purchasing an additional 671,971 shares during the period. Bank of Nova Scotia bought a new stake in shares of Synovus Financial during the 2nd quarter valued at $17,745,000. Thrivent Financial For Lutherans raised its position in shares of Synovus Financial by 46.0% during the 2nd quarter. Thrivent Financial For Lutherans now owns 1,214,532 shares of the bank’s stock valued at $53,731,000 after purchasing an additional 382,852 shares during the period. Finally, BlackRock Inc. raised its position in shares of Synovus Financial by 3.6% during the 2nd quarter. BlackRock Inc. now owns 10,607,093 shares of the bank’s stock valued at $469,257,000 after purchasing an additional 370,743 shares during the period. Hedge funds and other institutional investors own 77.81% of the company’s stock.
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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