Stephens Increases Synovus Financial (NYSE:SNV) Price Target to $52.00

Synovus Financial (NYSE:SNV) had its target price boosted by equities research analysts at Stephens from $46.00 to $52.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Stephens’ price objective suggests a potential upside of 2.87% from the stock’s current price.

Several other research firms have also recently weighed in on SNV. Jefferies Financial Group lifted their price target on Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Citigroup began coverage on shares of Synovus Financial in a research report on Thursday, October 10th. They issued a “buy” rating and a $53.00 target price for the company. Evercore ISI decreased their price target on shares of Synovus Financial from $50.00 to $48.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 2nd. Barclays lifted their price objective on shares of Synovus Financial from $49.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Royal Bank of Canada increased their target price on shares of Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a research report on Friday. Seven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.35.

Synovus Financial Trading Down 0.6 %

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

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. The business had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. Synovus Financial’s revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.84 EPS. Research analysts forecast that Synovus Financial will post 4 EPS for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Synovus Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Millennium Management LLC boosted its stake in shares of Synovus Financial by 181.0% during the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after purchasing an additional 838,932 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Synovus Financial by 9.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after buying an additional 491,036 shares during the period. Diamond Hill Capital Management Inc. bought a new stake in Synovus Financial during the 2nd quarter worth approximately $19,434,000. Interval Partners LP increased its position in Synovus Financial by 74.2% in the 1st quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock valued at $15,570,000 after acquiring an additional 165,548 shares during the period. Finally, Wedge Capital Management L L P NC raised its stake in shares of Synovus Financial by 14.9% during the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock valued at $46,025,000 after acquiring an additional 148,842 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

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.