Synovus Financial (NYSE:SNV) Price Target Raised to $50.00

Synovus Financial (NYSE:SNV) had its target price lifted by Truist Financial from $44.00 to $50.00 in a report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Truist Financial’s target price would indicate a potential upside of 10.30% from the company’s previous close.

A number of other research analysts also recently commented on the stock. Piper Sandler increased their price objective on shares of Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday. Raymond James cut shares of Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday, April 18th. Morgan Stanley reissued an “equal weight” rating and set a $37.00 target price on shares of Synovus Financial in a report on Monday, April 22nd. JPMorgan Chase & Co. increased their target price on shares of Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a report on Tuesday, July 9th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.50.

Synovus Financial Stock Up 0.8 %

NYSE SNV traded up $0.34 during trading hours on Friday, reaching $45.33. 41,425 shares of the company traded hands, compared to its average volume of 1,420,524. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $47.76. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $6.64 billion, a PE ratio of 15.51, a PEG ratio of 3.72 and a beta of 1.40. The company has a 50 day moving average of $39.36 and a two-hundred day moving average of $38.15.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.88%. The firm had revenue of $563.60 million for the quarter, compared to the consensus estimate of $543.52 million. During the same period in the prior year, the firm posted $1.16 EPS. The firm’s revenue was down .7% compared to the same quarter last year. As a group, equities analysts expect that Synovus Financial will post 3.87 earnings per share for the current year.

Insider Activity at Synovus Financial

In related news, major shareholder Eli Samaha sold 172,889 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $25.20, for a total value of $4,356,802.80. Following the completion of the transaction, the insider now owns 1,293,259 shares in the company, valued at approximately $32,590,126.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Synovus Financial news, EVP D Wayne Akins, Jr. acquired 24,500 shares of Synovus Financial stock in a transaction dated Friday, June 7th. The stock was bought at an average price of $37.40 per share, for a total transaction of $916,300.00. Following the transaction, the executive vice president now owns 41,884 shares in the company, valued at approximately $1,566,461.60. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Eli Samaha sold 172,889 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the transaction, the insider now owns 1,293,259 shares of the company’s stock, valued at approximately $32,590,126.80. The disclosure for this sale can be found here. Insiders sold 179,712 shares of company stock worth $4,528,878 in the last 90 days. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SNV. Vest Financial LLC acquired a new position in shares of Synovus Financial in the fourth quarter worth about $226,000. Pacer Advisors Inc. lifted its position in shares of Synovus Financial by 78.9% in the fourth quarter. Pacer Advisors Inc. now owns 21,983 shares of the bank’s stock worth $828,000 after purchasing an additional 9,698 shares in the last quarter. Values First Advisors Inc. lifted its position in shares of Synovus Financial by 2.9% in the fourth quarter. Values First Advisors Inc. now owns 62,145 shares of the bank’s stock worth $2,340,000 after purchasing an additional 1,735 shares in the last quarter. Inscription Capital LLC purchased a new stake in shares of Synovus Financial in the fourth quarter worth approximately $264,000. Finally, PFW Advisors LLC lifted its position in shares of Synovus Financial by 5.4% in the fourth quarter. PFW Advisors LLC now owns 8,433 shares of the bank’s stock worth $318,000 after purchasing an additional 433 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.