Synovus Financial Corp. (NYSE:SNV) – Analysts at SunTrust Banks dropped their Q3 2020 EPS estimates for shares of Synovus Financial in a report released on Monday, August 26th. SunTrust Banks analyst J. Demba now expects that the bank will post earnings per share of $1.06 for the quarter, down from their prior estimate of $1.07. SunTrust Banks currently has a “Buy” rating and a $41.00 target price on the stock.
A number of other equities analysts have also recently commented on SNV. Hovde Group raised Synovus Financial from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $40.00 to $42.00 in a report on Tuesday. ValuEngine raised Synovus Financial from a “strong sell” rating to a “sell” rating in a report on Saturday, July 27th. Evercore ISI raised Synovus Financial from an “in-line” rating to an “outperform” rating in a report on Thursday, August 8th. Raymond James reduced their target price on Synovus Financial from $44.00 to $42.00 and set a “strong-buy” rating on the stock in a report on Tuesday, June 18th. Finally, DA Davidson assumed coverage on Synovus Financial in a research report on Tuesday, August 20th. They issued a “buy” rating and a $41.00 price target for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $44.32.
Shares of Synovus Financial stock opened at $35.54 on Thursday. Synovus Financial has a one year low of $29.93 and a one year high of $50.47. The stock’s fifty day moving average is $35.90 and its 200 day moving average is $35.83. The stock has a market cap of $5.25 billion, a P/E ratio of 9.76, a P/E/G ratio of 1.07 and a beta of 1.31. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.94 and a current ratio of 0.94.
Synovus Financial (NYSE:SNV) last announced its earnings results on Tuesday, July 16th. The bank reported $1.00 EPS for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.01. Synovus Financial had a return on equity of 15.11% and a net margin of 24.15%. The company had revenue of $487.90 million for the quarter, compared to analysts’ expectations of $482.13 million. During the same period last year, the firm earned $0.92 EPS. Synovus Financial’s revenue for the quarter was up 36.2% compared to the same quarter last year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Toronto Dominion Bank boosted its holdings in shares of Synovus Financial by 23.5% in the second quarter. Toronto Dominion Bank now owns 2,616 shares of the bank’s stock valued at $92,000 after purchasing an additional 498 shares during the period. Algebris UK Ltd boosted its holdings in shares of Synovus Financial by 34.5% in the second quarter. Algebris UK Ltd now owns 566,640 shares of the bank’s stock valued at $19,832,000 after purchasing an additional 145,258 shares during the period. Salzhauer Michael boosted its holdings in shares of Synovus Financial by 12.6% in the second quarter. Salzhauer Michael now owns 90,458 shares of the bank’s stock valued at $3,167,000 after purchasing an additional 10,110 shares during the period. Barings LLC purchased a new stake in shares of Synovus Financial in the second quarter valued at approximately $303,000. Finally, Royal Bank of Canada boosted its holdings in shares of Synovus Financial by 95.1% in the second quarter. Royal Bank of Canada now owns 310,311 shares of the bank’s stock valued at $10,861,000 after purchasing an additional 151,267 shares during the period. Institutional investors own 84.04% of the company’s stock.
About Synovus Financial
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.