Zacks Investment Research upgraded shares of Synovus Financial Corp. (NYSE:SNV) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. Zacks Investment Research currently has $52.00 price objective on the bank’s stock.

According to Zacks, “Shares of Synovus have outperformed the industry year to date. This price performance is backed by the impressive earnings surprise history. The company has surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. Top-line strength backed by strong loans & deposits balances and easing margin pressure drove third-quarter 2017 earnings. Synovus’ organic and inorganic growth strategies position the company well for the future. Further, its focus on balance-sheet growth keeps us encouraged. The company’s promising capital deployment activities reflect its strong capital position. However, escalating expenses remain a concern.”

Several other research analysts also recently commented on the stock. Stephens reaffirmed a buy rating and issued a $46.00 target price on shares of Synovus Financial Corp. in a research note on Wednesday, July 19th. BidaskClub downgraded shares of Synovus Financial Corp. from a buy rating to a hold rating in a research note on Sunday, July 16th. Robert W. Baird reaffirmed a hold rating and issued a $40.00 target price on shares of Synovus Financial Corp. in a research note on Friday, August 25th. Barclays PLC set a $48.00 target price on shares of Synovus Financial Corp. and gave the stock a hold rating in a research note on Wednesday, July 19th. Finally, Sanford C. Bernstein reaffirmed a market perform rating and issued a $42.00 target price (up from $41.00) on shares of Synovus Financial Corp. in a research note on Saturday, September 16th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $45.36.

Shares of Synovus Financial Corp. (SNV) opened at $47.08 on Wednesday. The company has a market capitalization of $5,624.41, a price-to-earnings ratio of 19.93, a price-to-earnings-growth ratio of 2.38 and a beta of 1.13. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.99 and a quick ratio of 0.99.

Synovus Financial Corp. (NYSE:SNV) last issued its earnings results on Tuesday, October 17th. The bank reported $0.65 EPS for the quarter, topping the consensus estimate of $0.64 by $0.01. Synovus Financial Corp. had a net margin of 21.39% and a return on equity of 10.44%. The company had revenue of $398.01 million for the quarter, compared to the consensus estimate of $331.27 million. During the same period in the previous year, the firm earned $0.65 earnings per share. analysts expect that Synovus Financial Corp. will post 2.48 earnings per share for the current fiscal year.

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In other Synovus Financial Corp. news, COO Allen J. Gula sold 2,125 shares of the business’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $47.11, for a total transaction of $100,108.75. Following the transaction, the chief operating officer now directly owns 72,561 shares of the company’s stock, valued at approximately $3,418,348.71. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP R Dallis Copeland, Jr. sold 10,000 shares of the business’s stock in a transaction on Thursday, October 19th. The shares were sold at an average price of $46.29, for a total transaction of $462,900.00. Following the transaction, the executive vice president now directly owns 43,488 shares in the company, valued at $2,013,059.52. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of the business. OppenheimerFunds Inc. boosted its holdings in shares of Synovus Financial Corp. by 34.9% during the 1st quarter. OppenheimerFunds Inc. now owns 7,726 shares of the bank’s stock valued at $317,000 after buying an additional 1,998 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Synovus Financial Corp. by 21.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock valued at $145,000 after buying an additional 622 shares in the last quarter. New York State Teachers Retirement System boosted its holdings in shares of Synovus Financial Corp. by 12.1% during the 1st quarter. New York State Teachers Retirement System now owns 38,900 shares of the bank’s stock valued at $1,596,000 after buying an additional 4,200 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Synovus Financial Corp. by 38.3% during the 1st quarter. Bank of America Corp DE now owns 585,996 shares of the bank’s stock valued at $24,038,000 after buying an additional 162,290 shares in the last quarter. Finally, Tudor Investment Corp ET AL bought a new stake in shares of Synovus Financial Corp. during the 1st quarter valued at $333,000. 79.14% of the stock is currently owned by institutional investors and hedge funds.

About Synovus Financial Corp.

Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.

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Analyst Recommendations for Synovus Financial Corp. (NYSE:SNV)

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