Rating to Follow: Keefe Bruyette & Woods Reports Downgrade of Synovus Financial Corp (NYSE:SNV) from Outperform to Market Perform Rating

November 29, 2016 - By Darrin Black

Rating to Follow: Keefe Bruyette & Woods Reports Downgrade of Synovus Financial Corp (NYSE:SNV) from Outperform to Market Perform Rating

Synovus Financial Corp (NYSE:SNV) Downgrade

In a a report published on Tuesday morning, Keefe Bruyette & Woods has lowered Synovus Financial Corp (NYSE:SNV) stock to Market Perform. SNV’s old rating was Outperform.

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 -15.52% below today’s ($38.73) stock price. Synovus Financial Corp. has been the topic of 19 analyst reports since July 22, 2015 according to StockzIntelligence Inc. As per Monday, December 21, the company rating was initiated by Wells Fargo. SunTrust maintained Synovus Financial Corp. (NYSE:SNV) rating on Tuesday, September 1. SunTrust has “Buy” rating and $36 price target. The firm has “Underperform” rating by Morgan Stanley given on Thursday, February 11. On Friday, November 18 the stock rating was downgraded by Compass Point to “Neutral”. The company was downgraded on Wednesday, April 20 by Raymond James. The firm earned “Underperform” rating on Tuesday, August 23 by Wells Fargo. Barclays Capital maintained Synovus Financial Corp. (NYSE:SNV) rating on Friday, October 9. Barclays Capital has “Underweight” rating and $30 price target. The firm has “Neutral” rating given on Wednesday, June 29 by Bank of America. On Friday, August 19 the stock rating was maintained by Hovde Group with “Outperform”.

About 523,744 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 earnings per share, up 20.45% or $0.09 from last year’s $0.44 per share. SNV’s profit will be $63.63M for 18.27 P/E if the $0.53 EPS becomes a reality. After $0.52 actual earnings per share 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 21.71 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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