Why Investor’s Didn’t React To Synovus Financial Corp (NYSE:SNV) Results?

Posted by Lynn Eisler October 23, 2013 0 Comment 1059 views

On Tuesday, Synovus Financial Corp (NYSE:SNV) announced its earnings results. It reported earnings per share of $0.04 for the quarter which was on par with the average analysts’ projection of $0.04.

Analysts opine

Numerous firms have weighed on the company stock recently. ISI Group analysts have assigned a “neutral” rating on the stock and set a price target of $3.50. Zacks analysts upgraded the company shares from a “neutral” to an “outperform” rating on 4 October and have set a price target of $3.50 on the stock. Two research-analysts have assigned a “sell” rating n the stock, 8 analysts have assigned a “hold” rating, while 7 have assigned a “buy” rating. The average rating on the stock is currently a “hold” and the average PT is $3.17.

Tuesday’s trading

In Tuesday’s trading, Synovus Financial Corp (NYSE:SNV) dropped by 0.29%. The opening price of the shares was $3.41, which climbed to an intraday high of $3.42 and dipped to a close of $3.38. Approximately 13.29 million shares were traded on Tuesday while an average volume of 8.15 million shares were traded over a 30 day period. The 52-week low of Synovus Financial Corp (NYSE:SNV) shares is $2.07 and its 52-week high is $3.52.

About the company

Synovus Financial Corp (NYSE:SNV) is a financial-services and a bank-holding company. It provides integrated-financial services, such as commercial & retail banking, financial-management, insurance & mortgage services to numerous customers via 29 locally branded banking segments of Synovus Bank, its 100%-owned subsidiary-bank, and various offices in Alabama, Georgia, South Carolina, Tennessee and Florida.

The company’s retail banking services accept customary types of savings and demand deposits; retail and installment loans and mortgage. It also covers investment & brokerage services; safe-deposit services; automated-banking services and automated fund transfers. In addition, the company provides web-based banking services, &bank credit-card services, such as MasterCard & Visa services.

About Lynn Eisler

Lynn Eisler is a national news reporter focusing on economic issues, data analysis and the financial health of state and local governments. Lynn has been honored with the H.L. Mencken Award for Investigative Reporting, the Champion of Justice Award for reporting on the drug war, and the John Hancock Award for business reporting. Lynn was also a Knight Medical School Fellow at the University of Michigan.

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