Companies in the Financial sector have received a lot of coverage today as analysts weigh in on Independent Bank Group (IBTX) and Synovus (SNV).
Independent Bank Group (IBTX)
In a report released today, Matt Olney from Stephens maintained a Buy rating on Independent Bank Group, with a price target of $69. The company’s shares closed yesterday at $55.97.
“We’re encouraged to see positive impact of balance sheet growth during the deal integration. Our rating is Overweight. The Company will host a conference call today at 8:30 EDT.”
According to TipRanks.com, Olney is a 2-star analyst with an average return of 0.0% and a 45.7% success rate. Olney covers the Financial sector, focusing on stocks such as Spirit Of Texas Bancshares Inc, Business First Bancshares Inc, and Hancock Whitney Corporation.
Currently, the analyst consensus on Independent Bank Group is a Moderate Buy with an average price target of $65.50.
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Stephens analyst Tyler Stafford maintained a Hold rating on Synovus today and set a price target of $43. The company’s shares closed yesterday at $35.64.
“We have an Equal-Weight rating. See below for +/-. KEY POINTS: Positives. Expenses of $242.7 mil. beat (vs. our $251.3 mil. and Street’s $255.7 mil.), with an unchanged 2019 outlook (2%-4% growth), and CDI amortization is now expected to be $14 mil. vs. prior $20-$24 mil. guidance. SNV was active on the buyback, with $320 mil. or 8.5 mil. in shares repurchased (vs. our 5.8 mil.). FCB cost saves are now $30 mil. vs. prior $25 mil. from the 4Q call. Credit appeared stable. Negatives. Elevated accretion ($18.8 mil. vs. our $6.1 mil.) drove $0.06 of EPS vs. us, as core FTE NII of $379.0 mil. missed our $380.1 mil., while core NIM (3.59%) came in below prior guidance (~3.62%) and our 3.63% estimate. Organic net loan growth of $400 mil. was slightly below our $441 mil. Fee income of $78.4 mil. missed our $80.1 mil. and Street’s $81.6 mil. An elevated LLP reduced EPS $0.03 vs. estimates.”
According to TipRanks.com, Stafford is a 4-star analyst with an average return of 4.7% and a 52.6% success rate. Stafford covers the Financial sector, focusing on stocks such as Capstar Financial Holdings Inc, Carolina Financial Corporation, and Pacific Premier Bancorp Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Synovus with a $46 average price target.
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