Robert W. Baird reissued their hold rating on shares of Synovus Financial Corp. (NYSE:SNV) in a report published on Friday morning. The brokerage currently has a $40.00 price objective on the bank’s stock.

SNV has been the subject of a number of other research reports. ValuEngine upgraded Synovus Financial Corp. from a hold rating to a buy rating in a research note on Thursday, June 15th. Zacks Investment Research upgraded Synovus Financial Corp. from a hold rating to a buy rating and set a $50.00 price objective for the company in a research note on Wednesday, July 19th. Stephens restated a buy rating and set a $46.00 price objective on shares of Synovus Financial Corp. in a research note on Wednesday, July 19th. Jefferies Group LLC restated a hold rating and set a $47.00 price objective on shares of Synovus Financial Corp. in a research note on Friday, July 14th. Finally, BidaskClub lowered Synovus Financial Corp. from a hold rating to a sell rating in a research note on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the stock. Synovus Financial Corp. currently has a consensus rating of Hold and a consensus target price of $42.50.

Synovus Financial Corp. (NYSE SNV) traded up 0.83% during mid-day trading on Friday, hitting $42.30. 547,127 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $43.40 and its 200-day moving average price is $42.37. The stock has a market cap of $5.14 billion, a PE ratio of 19.21 and a beta of 1.12. Synovus Financial Corp. has a one year low of $31.41 and a one year high of $45.38.

Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings data on Tuesday, July 18th. The bank reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The firm had revenue of $319.80 million during the quarter, compared to analyst estimates of $317.81 million. During the same quarter last year, the firm earned $0.46 EPS. Synovus Financial Corp.’s quarterly revenue was up 10.5% on a year-over-year basis. On average, analysts forecast that Synovus Financial Corp. will post $2.46 EPS for the current fiscal year.

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In other news, EVP Kevin Joseph Howard sold 7,000 shares of Synovus Financial Corp. stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $43.37, for a total value of $303,590.00. Following the completion of the transaction, the executive vice president now owns 46,490 shares in the company, valued at approximately $2,016,271.30. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Curtis J. Perry sold 7,062 shares of Synovus Financial Corp. stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $43.86, for a total value of $309,739.32. Following the completion of the transaction, the executive vice president now owns 60,038 shares of the company’s stock, valued at approximately $2,633,266.68. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Synovus Financial Corp. by 5,961.9% in the first quarter. BlackRock Inc. now owns 10,236,350 shares of the bank’s stock valued at $419,894,000 after buying an additional 10,067,487 shares during the last quarter. AJO LP raised its position in shares of Synovus Financial Corp. by 291.0% in the second quarter. AJO LP now owns 1,089,237 shares of the bank’s stock valued at $48,188,000 after buying an additional 810,692 shares during the last quarter. Martingale Asset Management L P raised its position in shares of Synovus Financial Corp. by 477.2% in the first quarter. Martingale Asset Management L P now owns 784,741 shares of the bank’s stock valued at $32,192,000 after buying an additional 648,778 shares during the last quarter. Credit Suisse AG raised its position in shares of Synovus Financial Corp. by 54.8% in the first quarter. Credit Suisse AG now owns 1,325,506 shares of the bank’s stock valued at $54,372,000 after buying an additional 469,509 shares during the last quarter. Finally, Bank of Nova Scotia purchased a new position in shares of Synovus Financial Corp. during the second quarter valued at approximately $17,745,000. Institutional investors own 77.61% of the company’s stock.

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.

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

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