Raymond James Financial Upgrades Synovus Financial (NYSE:SNV) to “Outperform”

Synovus Financial (NYSE:SNV) was upgraded by analysts at Raymond James Financial from a “market perform” rating to an “outperform” rating in a research report issued on Friday, MarketBeat Ratings reports. The firm presently has a $62.00 price target on the bank’s stock. Raymond James Financial’s target price would suggest a potential upside of 11.31% from the stock’s previous close.

SNV has been the subject of several other reports. Wells Fargo & Company upgraded shares of Synovus Financial from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $50.00 to $62.00 in a research note on Thursday, July 10th. Jefferies Financial Group started coverage on shares of Synovus Financial in a research note on Wednesday, May 21st. They set a “hold” rating and a $55.00 price objective for the company. Royal Bank Of Canada lowered their price objective on shares of Synovus Financial from $64.00 to $52.00 and set an “outperform” rating for the company in a research note on Monday, April 21st. Truist Financial lifted their price objective on shares of Synovus Financial from $56.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. Finally, Barclays lifted their price objective on shares of Synovus Financial from $60.00 to $67.00 and gave the stock 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 assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $60.67.

Synovus Financial Stock Up 3.4%

Shares of NYSE SNV opened at $55.70 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.88. The company has a market cap of $7.74 billion, a P/E ratio of 10.69, a PEG ratio of 1.06 and a beta of 1.19. Synovus Financial has a 1 year low of $35.94 and a 1 year high of $59.92. The firm has a 50-day simple moving average of $50.33 and a two-hundred day simple moving average of $49.22.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.23. The business had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. During the same quarter last year, the firm earned $1.16 earnings per share. Research analysts anticipate that Synovus Financial will post 4.89 earnings per share for the current year.

Hedge Funds Weigh In On Synovus Financial

Institutional investors and hedge funds have recently bought and sold shares of the company. Tidal Investments LLC acquired a new position in Synovus Financial in the 4th quarter valued at about $222,000. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Synovus Financial in the 1st quarter worth approximately $251,000. First Citizens Bank & Trust Co. lifted its holdings in Synovus Financial by 32.8% during the 1st quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank’s stock worth $1,081,000 after buying an additional 5,717 shares in the last quarter. Tradewinds LLC. acquired a new stake in Synovus Financial during the 1st quarter worth approximately $351,000. Finally, KBC Group NV increased its position in shares of Synovus Financial by 265.2% in the 1st quarter. KBC Group NV now owns 21,966 shares of the bank’s stock valued at $1,027,000 after purchasing an additional 15,952 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.