Synovus Financial (NYSE:SNV) Price Target Increased to $60.00 by Analysts at DA Davidson

Synovus Financial (NYSE:SNV) had its price objective hoisted by analysts at DA Davidson from $53.00 to $60.00 in a report released on Friday, Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. DA Davidson’s price target would suggest a potential upside of 17.81% from the stock’s current price.

A number of other research analysts have also recently commented on SNV. StockNews.com cut Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, September 12th. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a report on Tuesday, September 17th. Citigroup initiated coverage on Synovus Financial in a research report on Thursday, October 10th. They set a “buy” rating and a $53.00 price target on the stock. Royal Bank of Canada raised their target price on shares of Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Morgan Stanley lifted their target price on shares of Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.00.

Synovus Financial Stock Up 0.2 %

Synovus Financial stock traded up $0.08 during midday trading on Friday, reaching $50.93. The stock had a trading volume of 524,797 shares, compared to its average volume of 1,400,953. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $51.69. The stock has a market capitalization of $7.46 billion, a P/E ratio of 17.48, a price-to-earnings-growth ratio of 2.18 and a beta of 1.38. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The firm’s fifty day simple moving average is $44.31 and its 200-day simple moving average is $41.21.

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, topping analysts’ consensus estimates of $1.09 by $0.14. The company had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same period last year, the company earned $0.84 earnings per share. As a group, analysts expect that Synovus Financial will post 4 EPS for the current fiscal year.

Insider Buying and Selling

In related 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 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 approximately $685,284.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Synovus Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. V Square Quantitative Management LLC purchased a new stake in Synovus Financial during the 3rd quarter worth $30,000. UMB Bank n.a. boosted its stake in shares of Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after buying an additional 348 shares during the period. Innealta Capital LLC acquired a new stake in shares of Synovus Financial in the 2nd quarter valued at $43,000. Abich Financial Wealth Management LLC raised its holdings in Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after acquiring an additional 371 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new stake in shares of Synovus Financial during the 1st quarter valued at about $51,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.