In a report released today, Tyler Stafford from Stephens assigned a Buy rating to Synovus (SNV), with a price target of $43. The company’s shares closed last Monday at $35.95.
Stafford wrote:
“We originally stated there were 6 properties which we identified as having >$75 mil. of originated debt and are clarifying that through either loan participations or nuances within Florida mortgage documents that in some cases state a future maximum mortgage amount substantially more than the actual committed debt, SNV does not have exposure to any individual CRE property >$75 mil., which is in-line with their current 2Q19 disclosures. We believe this fact only further supports our belief that the underlying credit concerns are overblown relative to the discounted valuation.Stephens Inc.”
According to TipRanks.com, Stafford is a 3-star analyst with an average return of 2.7% and a 45.1% success rate. Stafford covers the Financial sector, focusing on stocks such as Capstar Financial Holdings Inc, Carolina Financial Corporation, and Amerant Bancorp Inc. Class A.
Synovus has an analyst consensus of Strong Buy, with a price target consensus of $42, representing a 17.0% upside. In a report issued on August 20, D.A. Davidson also initiated coverage with a Buy rating on the stock with a $41 price target.
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Based on Synovus’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $156 million. In comparison, last year the company had a net profit of $111 million.
Based on the recent corporate insider activity of 82 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SNV in relation to earlier this year.
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Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. It offers private banking, treasury management, wealth management, premium finance and international banking, commercial and retail banking, financial management, insurance, and mortgage services to its customers.
