Synovus Financial (NYSE:SNV) Price Target Raised to $55.00 at DA Davidson

Synovus Financial (NYSE:SNV) had its price objective hoisted by equities researchers at DA Davidson from $47.00 to $55.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. DA Davidson’s price target would suggest a potential upside of 21.95% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Morgan Stanley reiterated an “equal weight” rating and set a $37.00 price target on shares of Synovus Financial in a report on Monday, April 22nd. Bank of America lowered their target price on shares of Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a report on Friday, April 19th. Keefe, Bruyette & Woods boosted their target price on shares of Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a report on Tuesday, July 9th. Truist Financial boosted their target price on shares of Synovus Financial from $44.00 to $50.00 and gave the company a “buy” rating in a report on Friday. Finally, Raymond James downgraded shares of Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday, April 18th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Synovus Financial has an average rating of “Moderate Buy” and an average price target of $45.50.

Synovus Financial Trading Up 0.2 %

Shares of NYSE SNV traded up $0.11 during midday trading on Friday, reaching $45.10. 766,672 shares of the stock were exchanged, compared to its average volume of 1,425,780. The company has a market capitalization of $6.60 billion, a P/E ratio of 15.45, a P/E/G ratio of 3.72 and a beta of 1.40. Synovus Financial has a 52-week low of $24.40 and a 52-week 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 50 day moving average price of $39.36 and a 200-day moving average price of $38.15.

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

Insider Transactions at Synovus Financial

In other news, EVP D Wayne Akins, Jr. bought 24,500 shares of Synovus Financial stock in a transaction dated Friday, June 7th. The shares were acquired at an average cost of $37.40 per share, with a total value of $916,300.00. Following the completion of the transaction, the executive vice president now owns 41,884 shares in the company, valued at approximately $1,566,461.60. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, major shareholder Eli Samaha sold 172,889 shares of the company’s stock in a transaction on 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 sale, the insider now directly owns 1,293,259 shares of the company’s stock, valued at $32,590,126.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP D Wayne Akins, Jr. purchased 24,500 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was bought at an average cost of $37.40 per share, for a total transaction of $916,300.00. Following the completion of the acquisition, the executive vice president now directly owns 41,884 shares of the company’s stock, valued at $1,566,461.60. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 179,712 shares of company stock valued at $4,528,878. Corporate insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

Several institutional investors have recently added to or reduced their stakes in SNV. Wellington Management Group LLP raised its holdings in Synovus Financial by 56.9% in the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after acquiring an additional 2,843,488 shares in the last quarter. Channing Capital Management LLC bought a new stake in Synovus Financial during the fourth quarter valued at $72,201,000. Norges Bank bought a new stake in Synovus Financial during the fourth quarter valued at $59,941,000. Dimensional Fund Advisors LP increased its stake in Synovus Financial by 24.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock valued at $194,951,000 after purchasing an additional 1,016,231 shares during the last quarter. Finally, New York State Common Retirement Fund increased its stake in Synovus Financial by 346.6% during the fourth quarter. New York State Common Retirement Fund now owns 570,880 shares of the bank’s stock valued at $21,494,000 after purchasing an additional 443,056 shares during the last quarter. 83.85% of the stock is 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.