Keefe, Bruyette & Woods Upgrades Synovus Financial (NYSE:SNV) to “Outperform”

Synovus Financial (NYSE:SNV) was upgraded by equities research analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research report issued on Friday, MarketBeat.com reports. The brokerage currently has a $65.00 price target on the bank’s stock, up from their prior price target of $58.00. Keefe, Bruyette & Woods’ target price indicates a potential upside of 16.70% from the stock’s current price.

Several other equities research analysts have also commented on SNV. Raymond James Financial upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $62.00 price target on the stock in a research note on Friday. DA Davidson dropped their price objective on shares of Synovus Financial from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, April 21st. JPMorgan Chase & Co. lifted their price objective on shares of Synovus Financial from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, July 1st. Stephens dropped their price objective on shares of Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Monday, April 21st. Finally, Barclays lifted their price objective on shares of Synovus Financial from $60.00 to $67.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $60.67.

Synovus Financial Stock Performance

NYSE:SNV opened at $55.70 on Friday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.88 and a current ratio of 0.92. The stock has a market capitalization of $7.74 billion, a P/E ratio of 10.69, a PEG ratio of 1.06 and a beta of 1.19. The company has a 50 day moving average price of $50.33 and a 200 day moving average price of $49.22. Synovus Financial has a fifty-two week low of $35.94 and a fifty-two week high of $59.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, beating the consensus estimate of $1.25 by $0.23. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. The company had revenue of $592.08 million during the quarter, compared to analysts’ expectations of $584.89 million. During the same quarter last year, the company posted $1.16 EPS. Equities research analysts forecast that Synovus Financial will post 4.89 EPS for the current year.

Institutional Trading of Synovus Financial

Several institutional investors and hedge funds have recently modified their holdings of the business. Raymond James Financial Inc. purchased a new position in shares of Synovus Financial during the fourth quarter valued at approximately $6,687,000. HighTower Advisors LLC lifted its stake in shares of Synovus Financial by 45.5% during the fourth quarter. HighTower Advisors LLC now owns 21,421 shares of the bank’s stock valued at $1,097,000 after buying an additional 6,699 shares during the period. Thrivent Financial for Lutherans lifted its stake in shares of Synovus Financial by 13.3% during the fourth quarter. Thrivent Financial for Lutherans now owns 166,244 shares of the bank’s stock valued at $8,517,000 after buying an additional 19,510 shares during the period. Xponance Inc. lifted its stake in shares of Synovus Financial by 5.0% during the fourth quarter. Xponance Inc. now owns 16,377 shares of the bank’s stock valued at $839,000 after buying an additional 784 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of Synovus Financial during the fourth quarter valued at approximately $102,000. Hedge funds and other 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.