Synovus Financial (NYSE:SNV) Price Target Raised to $47.00 at DA Davidson

Synovus Financial (NYSE:SNV) had its price objective raised by investment analysts at DA Davidson from $43.00 to $47.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. DA Davidson’s target price would suggest a potential upside of 20.57% from the company’s previous close.

Other equities analysts have also issued reports about the stock. UBS Group upped their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, January 23rd. Jefferies Financial Group decreased their price objective on shares of Synovus Financial from $46.00 to $43.00 and set a “buy” rating on the stock in a report on Monday, April 8th. JPMorgan Chase & Co. decreased their price objective on shares of Synovus Financial from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Friday, April 19th. Raymond James lowered shares of Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday, April 18th. Finally, Royal Bank of Canada reduced their target price on shares of Synovus Financial from $44.00 to $41.00 and set an “outperform” rating on the stock in a report on Friday, April 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Synovus Financial presently has a consensus rating of “Hold” and a consensus price target of $41.50.

Synovus Financial Trading Up 0.7 %

Shares of Synovus Financial stock traded up $0.28 during mid-day trading on Tuesday, hitting $38.98. The stock had a trading volume of 455,451 shares, compared to its average volume of 1,472,659. The firm has a 50-day moving average of $37.93 and a two-hundred day moving average of $35.39. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $40.92. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. The firm has a market cap of $5.71 billion, a P/E ratio of 13.32, a price-to-earnings-growth ratio of 4.41 and a beta of 1.41.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The firm had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. During the same period last year, the company earned $1.33 EPS. The business’s quarterly revenue was down 12.4% on a year-over-year basis. Sell-side analysts forecast that Synovus Financial will post 3.76 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SNV. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Synovus Financial in the 3rd quarter valued at $214,000. Raymond James Financial Services Advisors Inc. grew its position in Synovus Financial by 11.2% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 22,867 shares of the bank’s stock worth $636,000 after purchasing an additional 2,305 shares during the last quarter. Brown Advisory Inc. grew its position in Synovus Financial by 6.4% during the 3rd quarter. Brown Advisory Inc. now owns 11,443 shares of the bank’s stock worth $318,000 after purchasing an additional 685 shares during the last quarter. Verdence Capital Advisors LLC grew its position in Synovus Financial by 8.5% during the 3rd quarter. Verdence Capital Advisors LLC now owns 8,986 shares of the bank’s stock worth $250,000 after purchasing an additional 703 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Synovus Financial by 17.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,974 shares of the bank’s stock worth $778,000 after purchasing an additional 4,088 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

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.