Synovus Financial Corp. (NYSE:SNV) EVP Kevin Joseph Howard sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $43.37, for a total value of $303,590.00. Following the transaction, the executive vice president now owns 46,490 shares of the company’s stock, valued at $2,016,271.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Synovus Financial Corp. (NYSE SNV) opened at 41.54 on Friday. Synovus Financial Corp. has a 12-month low of $31.41 and a 12-month high of $45.38. The company’s 50 day moving average price is $43.77 and its 200-day moving average price is $42.36. The company has a market capitalization of $5.05 billion, a P/E ratio of 18.86 and a beta of 1.12.
Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings results on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, beating the consensus estimate of $0.59 by $0.01. The company had revenue of $319.80 million for the quarter, compared to the consensus estimate of $317.81 million. Synovus Financial Corp. had a net margin of 20.68% and a return on equity of 9.88%. The firm’s revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 EPS. Equities analysts forecast that Synovus Financial Corp. will post $2.46 earnings per share for the current fiscal year.
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Institutional investors have recently modified their holdings of the company. Fox Run Management L.L.C. increased its position in Synovus Financial Corp. by 72.2% in the first quarter. Fox Run Management L.L.C. now owns 9,300 shares of the bank’s stock worth $381,000 after buying an additional 3,900 shares in the last quarter. Allianz Asset Management AG acquired a new position in Synovus Financial Corp. during the fourth quarter worth about $283,000. Envestnet Asset Management Inc. increased its position in Synovus Financial Corp. by 10.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,232 shares of the bank’s stock worth $132,000 after buying an additional 297 shares in the last quarter. Comerica Bank increased its position in Synovus Financial Corp. by 4.1% in the first quarter. Comerica Bank now owns 94,751 shares of the bank’s stock worth $4,037,000 after buying an additional 3,751 shares in the last quarter. Finally, OppenheimerFunds Inc. increased its position in Synovus Financial Corp. by 34.9% in the first quarter. OppenheimerFunds Inc. now owns 7,726 shares of the bank’s stock worth $317,000 after buying an additional 1,998 shares in the last quarter. Institutional investors and hedge funds own 77.61% of the company’s stock.
A number of analysts have weighed in on the company. BidaskClub cut Synovus Financial Corp. from a “sell” rating to a “strong sell” rating in a report on Monday, August 14th. Stephens set a $46.00 target price on Synovus Financial Corp. and gave the stock a “buy” rating in a report on Tuesday. Jefferies Group LLC reaffirmed a “hold” rating and set a $47.00 price target on shares of Synovus Financial Corp. in a research note on Friday, July 14th. Zacks Investment Research lowered Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Finally, Royal Bank Of Canada started coverage on Synovus Financial Corp. in a research note on Monday, July 17th. They set an “outperform” rating and a $51.00 price target on the stock. Two analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. Synovus Financial Corp. currently has a consensus rating of “Hold” and a consensus price target of $42.78.
About Synovus Financial Corp.
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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