SunTrust Banks restated their buy rating on shares of Synovus Financial (NYSE:SNV) in a report issued on Wednesday morning. They currently have a $54.00 price objective on the bank’s stock.

Several other brokerages have also weighed in on SNV. Jefferies Group restated a hold rating and set a $50.00 target price on shares of Synovus Financial in a research report on Thursday, October 12th. Zacks Investment Research upgraded shares of Synovus Financial from a hold rating to a buy rating and set a $52.00 target price on the stock in a research report on Wednesday, November 1st. Robert W. Baird restated a hold rating and set a $43.00 target price on shares of Synovus Financial in a research report on Friday, October 20th. Keefe, Bruyette & Woods restated a hold rating and set a $48.00 target price on shares of Synovus Financial in a research report on Thursday, October 19th. Finally, Barclays set a $49.00 target price on shares of Synovus Financial and gave the stock a hold rating in a research report on Wednesday, October 18th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. Synovus Financial presently has an average rating of Hold and a consensus target price of $45.64.

Synovus Financial (NYSE SNV) opened at $49.61 on Wednesday. Synovus Financial has a one year low of $37.95 and a one year high of $50.50. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.66. The stock has a market cap of $5,931.52, a PE ratio of 21.03, a PEG ratio of 2.53 and a beta of 1.13.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Tuesday, October 17th. The bank reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01. Synovus Financial had a net margin of 21.39% and a return on equity of 10.44%. The business had revenue of $398.01 million for the quarter, compared to analyst estimates of $331.27 million. During the same period in the previous year, the business posted $0.65 earnings per share. research analysts predict that Synovus Financial will post 2.45 EPS for the current year.

In other news, COO Allen J. Gula sold 2,125 shares of the stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $47.11, for a total value of $100,108.75. Following the sale, the chief operating officer now directly owns 72,561 shares in the company, valued at $3,418,348.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP R Dallis Copeland, Jr. sold 10,000 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now 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 owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of Synovus Financial by 3.6% in the second quarter. BlackRock Inc. now owns 10,607,093 shares of the bank’s stock valued at $469,257,000 after purchasing an additional 370,743 shares during the last quarter. Synovus Financial Corp grew its position in shares of Synovus Financial by 0.7% in the second quarter. Synovus Financial Corp now owns 5,997,976 shares of the bank’s stock valued at $265,347,000 after purchasing an additional 43,034 shares during the last quarter. Eagle Asset Management Inc. grew its position in shares of Synovus Financial by 25.0% in the third quarter. Eagle Asset Management Inc. now owns 3,362,104 shares of the bank’s stock valued at $156,270,000 after purchasing an additional 671,971 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Synovus Financial by 2.2% in the second quarter. Alliancebernstein L.P. now owns 2,311,113 shares of the bank’s stock valued at $102,244,000 after purchasing an additional 49,041 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Synovus Financial by 0.7% during the third quarter. Bank of New York Mellon Corp now owns 1,651,364 shares of the bank’s stock valued at $76,061,000 after buying an additional 11,162 shares during the period. Institutional investors and hedge funds own 77.80% of the company’s stock.

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Synovus Financial Company Profile

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 (NYSE:SNV)

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