Synovus Financial (NYSE:SNV) Price Target Raised to $47.00 at DA Davidson

Synovus Financial (NYSE:SNV) had its price target lifted by research analysts at DA Davidson from $43.00 to $47.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. DA Davidson’s price target would indicate a potential upside of 20.17% from the company’s previous close.

SNV has been the subject of several other reports. Raymond James lowered Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday, April 18th. Barclays dropped their price objective on shares of Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Friday, April 19th. StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, February 15th. Jefferies Financial Group dropped their price target on Synovus Financial from $46.00 to $43.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Finally, Wells Fargo & Company reduced their price objective on Synovus Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday, April 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $41.50.

Synovus Financial Stock Up 1.9 %

Shares of NYSE:SNV opened at $39.11 on Tuesday. The company has a 50 day moving average price of $37.99 and a two-hundred day moving average price of $35.51. The company has a market capitalization of $5.73 billion, a PE ratio of 13.39, a PEG ratio of 4.48 and a beta of 1.41. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $40.92. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV) last posted its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The business had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same quarter in the prior year, the firm posted $1.33 earnings per share. The business’s revenue was down 12.4% on a year-over-year basis. Analysts forecast that Synovus Financial will post 3.76 earnings per share for the current year.

Institutional Trading of Synovus Financial

A number of large investors have recently added to or reduced their stakes in SNV. Allworth Financial LP raised its holdings in shares of Synovus Financial by 333.5% in the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after purchasing an additional 557 shares during the period. International Assets Investment Management LLC acquired a new position in Synovus Financial during the fourth quarter worth approximately $28,000. MeadowBrook Investment Advisors LLC bought a new stake in Synovus Financial in the fourth quarter valued at approximately $30,000. American National Bank acquired a new stake in shares of Synovus Financial in the fourth quarter valued at approximately $38,000. Finally, Tennessee Valley Asset Management Partners acquired a new position in shares of Synovus Financial during the 4th quarter worth approximately $42,000. 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.