Synovus Financial (NYSE:SNV) PT Raised to $42.00 at Evercore ISI

Synovus Financial (NYSE:SNV) had its price objective lifted by research analysts at Evercore ISI from $40.00 to $42.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “in-line” rating on the bank’s stock. Evercore ISI’s price target would indicate a potential upside of 4.87% from the stock’s current price.

A number of other equities research analysts have also recently commented on the stock. Keefe, Bruyette & Woods raised their target price on shares of Synovus Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, February 15th. Stephens started coverage on shares of Synovus Financial in a report on Tuesday, December 19th. They issued an “equal weight” rating and a $40.00 target price for the company. DA Davidson reissued a “buy” rating on shares of Synovus Financial in a report on Monday, January 15th. Finally, Truist Financial raised their price target on Synovus Financial from $38.00 to $46.00 and gave the stock a “buy” rating in a research report on Friday, December 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $39.13.

Synovus Financial Stock Up 0.6 %

SNV stock traded up $0.23 during trading on Thursday, hitting $40.05. 300,679 shares of the stock traded hands, compared to its average volume of 1,466,225. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $40.92. The firm’s 50 day moving average is $37.79 and its two-hundred day moving average is $33.49. The stock has a market cap of $5.86 billion, a price-to-earnings ratio of 11.57 and a beta of 1.39. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, January 17th. The bank reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.14). Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. The company had revenue of $488.68 million for the quarter, compared to the consensus estimate of $527.60 million. On average, sell-side analysts anticipate that Synovus Financial will post 4.03 EPS for the current year.

Insider Buying and Selling

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the sale, the executive vice president now directly owns 11,086 shares in the company, valued at approximately $423,817.78. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Tim E. Bentsen sold 4,671 shares of the stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the transaction, the director now owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the transaction, the executive vice president now directly owns 11,086 shares in the company, valued at approximately $423,817.78. The disclosure for this sale can be found here. 0.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Synovus Financial

Hedge funds have recently bought and sold shares of the company. Allworth Financial LP raised its position in Synovus Financial by 333.5% in the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after purchasing an additional 557 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in Synovus Financial during the fourth quarter worth approximately $28,000. MeadowBrook Investment Advisors LLC purchased a new stake in Synovus Financial during the fourth quarter worth approximately $30,000. Lazard Asset Management LLC increased its position in Synovus Financial by 64.8% during the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock worth $30,000 after buying an additional 318 shares during the period. Finally, First Command Advisory Services Inc. acquired a new position in Synovus Financial during the third quarter worth approximately $33,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

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.