Synovus Financial (NYSE:SNV) PT Raised to $42.00

Synovus Financial (NYSE:SNVGet Free Report) had its price target hoisted by Evercore ISI from $40.00 to $42.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an “in-line” rating on the bank’s stock. Evercore ISI’s price target points to a potential upside of 4.84% from the company’s current price.

Other equities analysts have also issued research reports about the stock. UBS Group increased their target price on shares of Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, January 23rd. Morgan Stanley increased their target price on shares of Synovus Financial from $29.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. DA Davidson reiterated a “buy” rating on shares of Synovus Financial in a research report on Monday, January 15th. Barclays began coverage on shares of Synovus Financial in a research report on Friday, March 8th. They set an “equal weight” rating and a $42.00 target price for the company. Finally, StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, February 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Synovus Financial currently has an average rating of “Moderate Buy” and a consensus price target of $39.13.

Get Our Latest Analysis on SNV

Synovus Financial Price Performance

SNV opened at $40.06 on Thursday. The firm has a market cap of $5.87 billion, a P/E ratio of 11.58 and a beta of 1.39. The firm has a 50-day moving average of $37.90 and a 200 day moving average of $33.60. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $40.92.

Synovus Financial (NYSE:SNVGet Free Report) last posted its quarterly earnings results on Wednesday, January 17th. The bank reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.14). The company had revenue of $488.68 million for the quarter, compared to the consensus estimate of $527.60 million. Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. On average, research analysts expect that Synovus Financial will post 4.03 EPS for the current year.

Insiders Place Their Bets

In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total transaction of $180,394.02. Following the transaction, the director now directly owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total value of $180,394.02. Following the transaction, the director now owns 33,144 shares in the company, valued at $1,280,021.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total transaction of $78,180.35. Following the completion of the transaction, the executive vice president now owns 11,086 shares in the company, valued at approximately $423,817.78. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP grew its holdings in shares of Synovus Financial by 56.9% in the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock worth $295,127,000 after purchasing an additional 2,843,488 shares during the last quarter. Virtu Financial LLC bought a new stake in Synovus Financial in the fourth quarter valued at $338,000. Teachers Retirement System of The State of Kentucky boosted its holdings in Synovus Financial by 33.0% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 110,375 shares of the bank’s stock valued at $4,155,000 after acquiring an additional 27,413 shares in the last quarter. Eventide Asset Management LLC bought a new stake in Synovus Financial in the fourth quarter valued at $968,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Synovus Financial by 3.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 126,965 shares of the bank’s stock valued at $4,781,000 after acquiring an additional 3,780 shares in the last quarter. Institutional investors own 83.85% of the company’s stock.

About Synovus Financial

(Get Free Report)

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.

Featured Articles

Analyst Recommendations for Synovus Financial (NYSE:SNV)

Receive News & Ratings for Synovus Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synovus Financial and related companies with MarketBeat.com's FREE daily email newsletter.