Synovus Financial (NYSE:SNV) Given New $60.00 Price Target at DA Davidson

Synovus Financial (NYSE:SNV) had its price objective increased by stock analysts at DA Davidson from $53.00 to $60.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. DA Davidson’s target price indicates a potential upside of 17.81% from the company’s previous close.

A number of other equities analysts also recently issued reports on the company. Evercore ISI dropped their price target on Synovus Financial from $50.00 to $48.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 2nd. Wells Fargo & Company downgraded Synovus Financial from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $48.00 to $46.00 in a report on Tuesday, October 1st. Stephens upped their price objective on Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, July 19th. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a research note on Tuesday, September 17th. Finally, Barclays increased their target price on Synovus Financial from $49.00 to $56.00 and gave the company an “overweight” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.00.

Synovus Financial Stock Up 0.2 %

SNV stock traded up $0.08 during midday trading on Friday, reaching $50.93. 524,797 shares of the company’s stock traded hands, compared to its average volume of 1,400,953. The firm’s fifty day moving average price is $44.31 and its 200-day moving average price is $41.21. 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 $7.46 billion, a price-to-earnings ratio of 17.48, a P/E/G ratio of 2.18 and a beta of 1.38. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $51.69.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The firm had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter in the previous year, the business posted $0.84 EPS. The company’s quarterly revenue was up 2.6% on a year-over-year basis. As a group, sell-side analysts forecast that Synovus Financial will post 4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the sale, the executive vice president now directly owns 14,833 shares in the company, valued at $685,284.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.81% of the stock is owned by insiders.

Institutional Trading of Synovus Financial

Several institutional investors have recently made changes to their positions in SNV. First Citizens Bank & Trust Co. grew its holdings in shares of Synovus Financial by 6.1% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 17,515 shares of the bank’s stock worth $779,000 after purchasing an additional 1,000 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of Synovus Financial by 83.6% during the third quarter. Blue Trust Inc. now owns 23,858 shares of the bank’s stock worth $1,061,000 after buying an additional 10,866 shares in the last quarter. V Square Quantitative Management LLC bought a new position in shares of Synovus Financial in the third quarter worth $30,000. nVerses Capital LLC acquired a new stake in shares of Synovus Financial during the third quarter valued at about $422,000. Finally, Inspire Investing LLC lifted its stake in shares of Synovus Financial by 6.2% in the third quarter. Inspire Investing LLC now owns 9,288 shares of the bank’s stock worth $413,000 after acquiring an additional 541 shares during the period. 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.