Synovus Financial (NYSE:SNV) PT Raised to $60.00 at DA Davidson

Synovus Financial (NYSE:SNV) had its price objective hoisted by DA Davidson from $53.00 to $60.00 in a research note issued to investors on Friday, MarketBeat reports. The firm currently has a “buy” rating on the bank’s stock. DA Davidson’s price target suggests a potential upside of 18.69% from the stock’s previous close. DA Davidson also issued estimates for Synovus Financial’s Q4 2024 earnings at $1.11 EPS.

Several other analysts have also recently weighed in on the company. StockNews.com cut Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, September 12th. Stephens lifted their price target 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. Citigroup started coverage on Synovus Financial in a research note on Thursday, October 10th. They issued a “buy” rating and a $53.00 price target on the stock. Jefferies Financial Group boosted their target price on shares of Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Finally, Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a research note on Tuesday, September 17th. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $51.35.

Synovus Financial Price Performance

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

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The business had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. During the same period in the previous year, the firm earned $0.84 EPS. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, equities research analysts anticipate that Synovus Financial will post 4 earnings per share for the current year.

Insider Buying and Selling at Synovus Financial

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

Hedge Funds Weigh In On Synovus Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. V Square Quantitative Management LLC bought a new position in Synovus Financial in the third quarter worth approximately $30,000. UMB Bank n.a. raised its holdings in Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after purchasing an additional 348 shares during the period. Innealta Capital LLC purchased a new position in Synovus Financial during the second quarter valued at $43,000. Abich Financial Wealth Management LLC grew its holdings in Synovus Financial by 43.5% during the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after purchasing an additional 371 shares during the period. Finally, Fidelis Capital Partners LLC purchased a new stake in Synovus Financial in the first quarter worth about $51,000. Hedge funds and other institutional investors 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.