Rating Flow: Keefe Bruyette Cuts Synovus (NYSE:SNV) To Mkt Perform

November 29, 2016 - By Clifton Ray

Rating Flow: Keefe Bruyette Cuts Synovus (NYSE:SNV) To Mkt Perform

Synovus (NYSE:SNV) Downgrade

Synovus (NYSE:SNV)‘s stock was decreased to a Mkt Perform by research analysts at Keefe Bruyette. SNV’s Outperform rating is no longer valid.

Synovus Financial Corp. (NYSE:SNV) Ratings Coverage

Out of 13 analysts covering Synovus Financial Corp. (NYSE:SNV), 5 rate it a “Buy”, 3 “Sell”, while 5 “Hold”. This means 38% are positive. $36 is the highest target while $26 is the lowest. The $32.72 average target is -15.65% below today’s ($38.79) stock price. Synovus Financial Corp. has been the topic of 19 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The rating was downgraded by Raymond James to “Market Perform” on Wednesday, April 20. The rating was downgraded by Morgan Stanley to “Underperform” on Thursday, February 11. On Wednesday, June 29 the stock rating was downgraded by Bank of America to “Neutral”. On Friday, November 18 the stock rating was downgraded by Compass Point to “Neutral”. The stock of Synovus Financial Corp. (NYSE:SNV) has “Market Perform” rating given on Monday, December 21 by Wells Fargo. The rating was maintained by SunTrust with “Buy” on Tuesday, September 1. On Friday, October 9 the stock rating was maintained by Barclays Capital with “Underweight”. The stock has “Underperform” rating given by Wells Fargo on Tuesday, August 23. The firm has “Outperform” rating by Hovde Group given on Friday, August 19.

About 97,713 shares traded hands. Synovus Financial Corp. (NYSE:SNV) has risen 21.62% since April 26, 2016 and is uptrending. It has outperformed by 16.36% the S&P500.

Analysts await Synovus Financial Corp. (NYSE:SNV) to report earnings on January, 17. They expect $0.53 EPS, up 20.45% or $0.09 from last year’s $0.44 per share. SNV’s profit will be $63.53M for 18.30 P/E if the $0.53 EPS becomes a reality. After $0.52 actual EPS reported by Synovus Financial Corp. for the previous quarter, Wall Street now forecasts 1.92% EPS growth.

Synovus Financial Corp. is a financial services and a bank holding company. The company has a market cap of $4.65 billion. The Firm provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services to its clients through over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee. It has a 21.74 P/E ratio. Synovus Bank offers commercial banking services and retail banking services.

According to Zacks Investment Research, “Synovus Financial Corp. is engaged in two reportable business segments: banking, which is primarily involved in commercial banking activities and also provides retail banking, trust services, mortgage banking, securities brokerage and insurance services, and transaction processing, which includes credit, debit, commercial and retail card processing and related services and debt collection and bankruptcy management services.”

SNV Company Profile

Synovus Financial Corp. (Synovus), incorporated on June 9, 1972, is a financial services and a bank holding company. The Firm provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services to its clients through over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus Bank offers commercial banking services and retail banking services. The Company’s commercial banking services include cash management, asset management, capital markets services, institutional trust services and commercial, financial and real estate loans. The Company’s retail banking services include accepting customary types of demand and savings deposits accounts; mortgage, installment and other retail loans; investment and brokerage services; safe deposit services; automated banking services; automated fund transfers; Internet banking services, and bank credit card services, including MasterCard and Visa services. In addition to its banking operations, it also provides various other financial services to its clients through its direct and indirect non-bank subsidiaries, including Synovus Securities, Inc., Synovus Trust Company, N.A. and Synovus Mortgage Corp. Synovus Securities, Inc. specializes in professional portfolio management for fixed-income securities, investment banking, the execution of securities transactions as a broker/dealer, asset management and financial planning services, and the provision of individual investment advice on equity and other securities. Synovus Trust Company, N.A., provides trust services. Synovus Mortgage Corp. offers mortgage services.

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