Keefe, Bruyette & Woods Increases Synovus Financial (NYSE:SNV) Price Target to $42.00

Synovus Financial (NYSE:SNV) had its target price upped by research analysts at Keefe, Bruyette & Woods from $38.00 to $42.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 3.22% from the stock’s previous close.

Several other analysts have also commented on SNV. Morgan Stanley reaffirmed an “equal weight” rating and issued a $37.00 price objective on shares of Synovus Financial in a report on Monday, April 22nd. Barclays raised Synovus Financial from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $39.00 to $46.00 in a report on Monday, June 24th. Bank of America cut their price objective on Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a report on Friday, April 19th. JPMorgan Chase & Co. lifted their price objective on Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Finally, DA Davidson boosted their price target on Synovus Financial from $43.00 to $47.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Synovus Financial has a consensus rating of “Moderate Buy” and a consensus price target of $42.63.

Synovus Financial Stock Up 2.0 %

SNV stock opened at $40.69 on Tuesday. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $41.15. The business has a fifty day moving average price of $38.70 and a 200-day moving average price of $37.90. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market capitalization of $5.96 billion, a P/E ratio of 13.93, a P/E/G ratio of 5.26 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The business had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. During the same quarter in the prior year, the firm earned $1.33 EPS. The firm’s revenue for the quarter was down 12.4% compared to the same quarter last year. Equities analysts forecast that Synovus Financial will post 3.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Eli Samaha sold 172,889 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 1,293,259 shares in the company, valued at $32,590,126.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP D Wayne Akins, Jr. purchased 24,500 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was bought at an average cost 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 in the company, valued at $1,566,461.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Eli Samaha sold 172,889 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $25.20, for a total value of $4,356,802.80. Following the transaction, the insider now directly owns 1,293,259 shares of the company’s stock, valued at $32,590,126.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 179,712 shares of company stock worth $4,528,878. 0.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. boosted its stake in Synovus Financial by 41.5% during the second quarter. Harbor Capital Advisors Inc. now owns 6,627 shares of the bank’s stock valued at $266,000 after buying an additional 1,943 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Synovus Financial by 17.7% in the 2nd quarter. GAMMA Investing LLC now owns 3,525 shares of the bank’s stock valued at $142,000 after purchasing an additional 530 shares during the last quarter. Abich Financial Wealth Management LLC lifted its stake in shares of Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after purchasing an additional 371 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Synovus Financial by 18.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after purchasing an additional 298 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of Synovus Financial in the 1st quarter valued at approximately $100,000. 83.85% of the stock is owned by institutional investors.

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.