Synovus Financial (NYSE:SNV) Rating Increased to Hold at StockNews.com

Synovus Financial (NYSE:SNV) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Friday.

SNV has been the topic of several other research reports. JPMorgan Chase & Co. upped their target price on Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a report on Friday. Keefe, Bruyette & Woods upped their target price on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a report on Tuesday, July 9th. Bank of America upped their target price on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a report on Friday. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a report on Tuesday, September 17th. Finally, Royal Bank of Canada upped their price objective on Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research report on Friday. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.35.

Synovus Financial Trading Down 0.6 %

NYSE:SNV opened at $50.55 on Friday. The firm has a market cap of $7.40 billion, a P/E ratio of 17.31, a PEG ratio of 2.18 and a beta of 1.38. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. The stock’s 50 day simple moving average is $44.49 and its 200-day simple moving average is $41.31. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $51.69.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. 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 company posted $0.84 earnings per share. Synovus Financial’s quarterly revenue was up 2.6% on a year-over-year basis. Equities analysts anticipate that Synovus Financial will post 4 EPS for the current year.

Insider Activity at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction of $28,366.80. Following the sale, the executive vice president now directly owns 14,833 shares in the company, valued at approximately $685,284.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

Hedge funds have recently modified their holdings of the stock. Nordea Investment Management AB increased its holdings in Synovus Financial by 24.5% during the 1st quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock worth $13,233,000 after purchasing an additional 64,621 shares during the last quarter. &PARTNERS purchased a new stake in Synovus Financial during the 2nd quarter worth approximately $284,000. Texas Permanent School Fund Corp increased its holdings in Synovus Financial by 19.6% during the 2nd 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 last quarter. Private Capital Management LLC increased its holdings in 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 increased its holdings 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 worth $1,852,000 after purchasing an additional 22,621 shares during the last quarter. 83.85% of the stock is currently 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.