Raymond James Upgrades Synovus Financial (NYSE:SNV) to “Outperform”

Synovus Financial (NYSE:SNV) was upgraded by research analysts at Raymond James from a “market perform” rating to an “outperform” rating in a note issued to investors on Tuesday, MarketBeat reports. The firm currently has a $49.00 price objective on the bank’s stock. Raymond James’ target price indicates a potential upside of 8.78% from the company’s previous close.

SNV has been the subject of several other reports. Truist Financial raised their price target on shares of Synovus Financial from $44.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Jefferies Financial Group lifted their target price on shares of Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Keefe, Bruyette & Woods upped their price target on shares of Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 9th. Stephens lifted their price objective on Synovus Financial from $43.00 to $46.00 and gave the company an “equal weight” rating in a research report on Friday, July 19th. Finally, Wells Fargo & Company boosted their target price on Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $46.69.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $45.05 on Tuesday. The company’s fifty day moving average is $44.10 and its two-hundred day moving average is $40.36. The company has a market cap of $6.60 billion, a P/E ratio of 15.43, a price-to-earnings-growth ratio of 3.50 and a beta of 1.39. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $47.83. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.20. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The firm had revenue of $563.60 million during the quarter, compared to the consensus estimate of $543.52 million. During the same period in the prior year, the business earned $1.16 EPS. The business’s revenue for the quarter was down .7% on a year-over-year basis. Equities analysts expect that Synovus Financial will post 4.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction of $28,366.80. Following the transaction, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Synovus Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNV. Wellington Management Group LLP grew its holdings in Synovus Financial by 56.9% during the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after purchasing an additional 2,843,488 shares during the last quarter. Norges Bank bought a new stake in shares of Synovus Financial in the fourth quarter valued at approximately $59,941,000. Millennium Management LLC boosted its position in shares of Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after acquiring an additional 838,932 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after acquiring an additional 491,036 shares during the period. Finally, Diamond Hill Capital Management Inc. bought a new stake in shares of Synovus Financial in the second quarter valued at approximately $19,434,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

About Synovus Financial

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.