Synovus Financial (NYSE:SNV) Given New $47.00 Price Target at Jefferies Financial Group

Synovus Financial (NYSE:SNV) had its target price lifted by equities researchers at Jefferies Financial Group from $44.00 to $47.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the bank’s stock. Jefferies Financial Group’s target price would suggest a potential upside of 16.37% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Barclays raised shares of Synovus Financial from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $39.00 to $46.00 in a report on Monday, June 24th. Royal Bank of Canada lowered their target price on shares of Synovus Financial from $44.00 to $41.00 and set an “outperform” rating on the stock in a report on Friday, April 19th. Evercore ISI lifted their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a report on Thursday, March 28th. Stephens reaffirmed an “equal weight” rating and set a $38.00 price objective on shares of Synovus Financial in a research note on Tuesday, May 7th. Finally, JPMorgan Chase & Co. boosted their target price on Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Synovus Financial has a consensus rating of “Moderate Buy” and an average target price of $42.25.

Synovus Financial Stock Performance

Shares of NYSE:SNV traded down $0.56 on Wednesday, hitting $40.39. 397,447 shares of the company were exchanged, compared to its average volume of 1,379,362. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The company’s 50 day moving average price is $38.27 and its two-hundred day moving average price is $37.81. Synovus Financial has a one year low of $24.40 and a one year high of $41.15. The firm has a market capitalization of $5.91 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 5.43 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The firm had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. Synovus Financial’s revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.33 EPS. Research analysts expect that Synovus Financial will post 3.82 earnings per share for the current year.

Insider Buying and Selling at Synovus Financial

In related news, EVP D Wayne Akins, Jr. acquired 24,500 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was acquired at an average price of $37.40 per share, for a total transaction of $916,300.00. Following the completion of the acquisition, the executive vice president now owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP D Wayne Akins, Jr. bought 24,500 shares of the stock in a transaction on Friday, June 7th. The stock was purchased at an average price of $37.40 per share, with a total value of $916,300.00. Following the completion of the purchase, the executive vice president now owns 41,884 shares of the company’s stock, valued at $1,566,461.60. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Eli Samaha sold 172,889 shares of Synovus Financial stock in a transaction on Monday, June 10th. The stock was sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the transaction, the insider now directly owns 1,293,259 shares in the company, valued at $32,590,126.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 179,712 shares of company stock valued at $4,528,878. 0.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Synovus Financial

Large investors have recently modified their holdings of the business. Allworth Financial LP grew its position in shares of 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 during the period. International Assets Investment Management LLC bought a new stake in shares of Synovus Financial during the fourth quarter worth $28,000. MeadowBrook Investment Advisors LLC acquired a new stake in shares of Synovus Financial during the fourth quarter worth $30,000. American National Bank acquired a new position in Synovus Financial in the 4th quarter worth $38,000. Finally, Tennessee Valley Asset Management Partners bought a new position in Synovus Financial during the 4th quarter worth about $42,000. 83.85% of the stock is currently owned by institutional investors.

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.