Shares of Synovus (NYSE:SNV) reached a new 52-week high and low on Tuesday . The company traded as low as $55.30 and last traded at $55.25, with a volume of 22906 shares. The stock had previously closed at $54.97.
SNV has been the topic of a number of analyst reports. Morgan Stanley raised shares of Synovus from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $51.67 to $52.00 in a report on Wednesday, March 7th. Zacks Investment Research cut shares of Synovus from a “buy” rating to a “hold” rating in a report on Friday, April 6th. Piper Jaffray Companies initiated coverage on shares of Synovus in a report on Monday, April 9th. They issued a “neutral” rating and a $52.00 price objective on the stock. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $55.00 price objective on shares of Synovus in a report on Tuesday, February 27th. Finally, JPMorgan Chase increased their price objective on shares of Synovus from $56.00 to $57.00 and gave the stock a “neutral” rating in a report on Thursday, April 26th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company. Synovus has a consensus rating of “Hold” and a consensus price target of $53.40.
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The company has a market cap of $6.40 billion, a P/E ratio of 21.70, a PEG ratio of 1.89 and a beta of 1.06. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.66.
Synovus (NYSE:SNV) last released its earnings results on Tuesday, April 24th. The bank reported $0.86 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.08. The firm had revenue of $341.30 million for the quarter, compared to analysts’ expectations of $343.04 million. Synovus had a net margin of 19.87% and a return on equity of 12.29%. Synovus’s quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter last year, the company earned $0.57 EPS. research analysts anticipate that Synovus will post 3.57 earnings per share for the current year.
Synovus declared that its board has approved a stock buyback plan on Tuesday, January 23rd that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
In other Synovus news, EVP Curtis J. Perry sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, May 16th. The shares were sold at an average price of $54.36, for a total transaction of $108,720.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.50% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Cerebellum GP LLC acquired a new position in shares of Synovus in the 4th quarter worth approximately $124,000. Summit Trail Advisors LLC grew its stake in shares of Synovus by 3,778.6% in the 1st quarter. Summit Trail Advisors LLC now owns 168,098 shares of the bank’s stock worth $168,000 after purchasing an additional 163,764 shares during the last quarter. Calamos Advisors LLC acquired a new position in shares of Synovus in the 4th quarter worth approximately $201,000. CIBC Asset Management Inc acquired a new position in shares of Synovus in the 1st quarter worth approximately $201,000. Finally, Cigna Investments Inc. New acquired a new position in shares of Synovus in the 1st quarter worth approximately $207,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.
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 cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.