Jefferies Financial Group Begins Coverage on Synovus Financial (NYSE:SNV)

Equities researchers at Jefferies Financial Group initiated coverage on shares of Synovus Financial (NYSE:SNV) in a report issued on Wednesday, MarketBeat.com reports. The firm set a “hold” rating and a $55.00 price target on the bank’s stock. Jefferies Financial Group’s target price indicates a potential upside of 16.30% from the company’s previous close.

Several other equities research analysts also recently weighed in on the stock. DA Davidson dropped their target price on shares of Synovus Financial from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, April 21st. Stephens dropped their target price on shares of Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating for the company in a research report on Monday, April 21st. Barclays dropped their target price on shares of Synovus Financial from $66.00 to $60.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Morgan Stanley dropped their target price on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Finally, Raymond James downgraded shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Nine analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $56.56.

Synovus Financial Stock Up 0.7%

Shares of NYSE SNV opened at $47.29 on Wednesday. Synovus Financial has a 1 year low of $35.81 and a 1 year high of $59.92. The firm’s 50 day moving average price is $44.55 and its 200 day moving average price is $50.41. The firm has a market cap of $6.57 billion, a P/E ratio of 15.50, a price-to-earnings-growth ratio of 1.11 and a beta of 1.13. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.19. The firm had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. As a group, sell-side analysts anticipate that Synovus Financial will post 4.89 earnings per share for the current year.

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC acquired a new stake in Synovus Financial during the first quarter worth about $1,471,000. Focus Partners Wealth grew its stake in Synovus Financial by 14.0% during the first quarter. Focus Partners Wealth now owns 17,616 shares of the bank’s stock worth $823,000 after buying an additional 2,169 shares in the last quarter. McIlrath & Eck LLC grew its stake in Synovus Financial by 370.9% during the first quarter. McIlrath & Eck LLC now owns 1,813 shares of the bank’s stock worth $85,000 after buying an additional 1,428 shares in the last quarter. United Services Automobile Association acquired a new stake in Synovus Financial during the first quarter worth about $421,000. Finally, CTC Alternative Strategies Ltd. acquired a new stake in Synovus Financial during the first quarter worth about $405,000. 83.85% of the stock is owned by institutional investors.

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.