Synovus Financial (NYSE:SNV) Rating Increased to Outperform at Raymond James

Synovus Financial (NYSE:SNV) was upgraded by equities research analysts at Raymond James from a “market perform” rating to an “outperform” rating in a research note issued to investors on Tuesday, FinViz reports. The brokerage presently has a $49.00 target price on the bank’s stock. Raymond James’ target price indicates a potential upside of 9.40% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Truist Financial increased their price objective on shares of Synovus Financial from $44.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Keefe, Bruyette & Woods raised their price target on shares of Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 9th. StockNews.com downgraded Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 12th. Stephens increased their target price on Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. Finally, JPMorgan Chase & Co. boosted their price target on Synovus Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. One analyst has rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.69.

Synovus Financial Stock Up 0.4 %

SNV stock opened at $44.79 on Tuesday. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $47.83. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. The company has a market cap of $6.45 billion, a PE ratio of 15.34, a price-to-earnings-growth ratio of 3.41 and a beta of 1.39. The business’s 50-day simple moving average is $44.01 and its 200 day simple moving average is $40.31.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. The business had revenue of $563.60 million for the quarter, compared to analysts’ expectations of $543.52 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. Synovus Financial’s quarterly revenue was down .7% on a year-over-year basis. During the same period in the previous year, the business posted $1.16 earnings per share. On average, research analysts anticipate that Synovus Financial will post 4.05 earnings per share for the current year.

Insider Buying and Selling

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the transaction, the executive vice president now directly owns 14,833 shares in the company, valued at approximately $685,284.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SNV. Innealta Capital LLC acquired a new position in Synovus Financial in the second quarter valued at approximately $43,000. Abich Financial Wealth Management LLC lifted its stake in shares of Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after purchasing an additional 371 shares during the period. Fidelis Capital Partners LLC bought a new position in shares of Synovus Financial in the 1st quarter worth $51,000. Headlands Technologies LLC boosted its position in shares of Synovus Financial by 404.8% in the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after purchasing an additional 1,105 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Synovus Financial by 288.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,608 shares of the bank’s stock worth $61,000 after purchasing an additional 1,194 shares during the period. Institutional investors own 83.85% of the company’s stock.

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.