Bank of America Downgrades Synovus Financial Corp. to Neutral

Brokerage firm Bank of America Downgrades its rating on Synovus Financial Corp.(NYSE:SNV). The shares have been rated Neutral. Previously, the analysts had a Buy rating on the shares. The rating by Bank of America was issued on Jun 29, 2016.

In a different note, On Apr 20, 2016, Raymond James said it Downgrades its rating on Synovus Financial Corp.. The shares have been rated ‘Market Perform’ by the firm. On Apr 5, 2016, JP Morgan said it Maintains its rating on Synovus Financial Corp.. In the research note, the firm Lowers the price-target to $31.00 per share. The shares have been rated ‘Neutral’ by the firm.

Synovus Financial Corp. (SNV) shares turned negative on Fridays trading session with the shares closing down -0.61 points or -2.10% at a volume of 11,65,598. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $28.94. The peak price level was also seen at $28.94 while the days lowest was $28.295. Finally the shares closed at $28.38. The 52-week high of the shares is $33.8 while the 52-week low is $25.48. According to the latest information available, the market cap of the company is $3,562 M.

Synovus Financial Corp.(SNV) last announced its earnings results on Apr 19, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $281.34M. Analysts had an estimated revenue of $282.80M. Earnings per share were $0.43. Analysts had estimated an EPS of $0.44.

Several Insider Transactions has been reported to the SEC. On May 18, 2016, R Dallis Jr Copeland (EVP/Chief Banking Officer) sold 8,000 shares at $30.10 per share price.Also, On Feb 4, 2016, Allan E Kamensky (EVP and Corporate Secretary) purchased 3,450 shares at $28.85 per share price.On Jan 22, 2016, Tim E Bentsen (director) purchased 2,700 shares at $28.09 per share price, according to the Form-4 filing with the securities and exchange commission.

Synovus Financial Corp. (Synovus) is a financial services and a bank holding company. The Company provides integrated financial services including commercial and retail banking financial management insurance and mortgage services to its customers through 28 locally branded banking divisions of its wholly owned subsidiary bank Synovus Bank and other offices in Georgia Alabama South Carolina Florida and Tennessee. Its retail banking services include accepting customary types of demand and savings deposits; mortgage installment and other retail loans; investment and brokerage services; safe deposit services; automated banking services; automated fund transfers; Internet-based banking services and bank credit card services including MasterCard and Visa 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.

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