Synovus Financial (NYSE:SNV) PT Raised to $57.00

Synovus Financial (NYSE:SNV) had its target price raised by research analysts at Royal Bank of Canada from $49.00 to $57.00 in a report released on Friday, Marketbeat.com reports. The brokerage presently has an “outperform” rating on the bank’s stock. Royal Bank of Canada’s price target points to a potential upside of 12.76% from the stock’s previous close.

A number of other research analysts also recently commented on SNV. StockNews.com downgraded Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, September 12th. Truist Financial increased their price objective on shares of Synovus Financial from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Keefe, Bruyette & Woods boosted their target price on shares of Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a research note on Tuesday, July 9th. DA Davidson upped their target price on shares of Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Finally, Barclays lifted their price target on Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $51.35.

Synovus Financial Stock Down 0.6 %

SNV stock opened at $50.55 on Friday. The firm has a market cap of $7.40 billion, a price-to-earnings ratio of 17.31, a PEG ratio of 2.18 and a beta of 1.38. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $51.69. The firm has a fifty day moving average price of $44.49 and a two-hundred day moving average price of $41.31. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The firm had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. During the same quarter in the prior year, the business earned $0.84 earnings per share. Synovus Financial’s quarterly revenue was up 2.6% on a year-over-year basis. Research analysts predict that Synovus Financial will post 4 EPS for the current year.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the transaction, the executive vice president now directly owns 14,833 shares in the company, valued at $685,284.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Synovus Financial

Several hedge funds have recently bought and sold shares of the business. Nordea Investment Management AB raised its position in Synovus Financial by 24.5% during the first quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock valued at $13,233,000 after acquiring an additional 64,621 shares in the last quarter. &PARTNERS acquired a new stake in shares of Synovus Financial in the second quarter valued at about $284,000. Texas Permanent School Fund Corp increased its stake in shares of Synovus Financial by 19.6% in the second quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after purchasing an additional 25,028 shares during the period. Private Capital Management LLC lifted its position in shares of Synovus Financial by 6.2% during the 1st quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock worth $14,644,000 after purchasing an additional 21,456 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its stake in Synovus Financial by 92.0% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock valued at $1,852,000 after purchasing an additional 22,621 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Company Profile

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company's commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.