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

Synovus Financial (NYSE:SNVGet Free Report) had its target price raised by equities research analysts at Keefe, Bruyette & Woods from $38.00 to $42.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 3.22% from the company’s current price.

A number of other research firms have also issued reports on SNV. Stephens restated an “equal weight” rating and issued a $38.00 price target on shares of Synovus Financial in a research report on Tuesday, May 7th. The Goldman Sachs Group dropped their price target on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a research report on Friday, April 19th. Royal Bank of Canada dropped their price target on Synovus Financial from $44.00 to $41.00 and set an “outperform” rating for the company in a research report on Friday, April 19th. Evercore ISI upped their price target on Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a research report on Thursday, March 28th. Finally, Piper Sandler decreased their price objective on Synovus Financial from $46.00 to $42.00 and set an “overweight” rating on the stock in a report on Friday, April 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $42.63.

Get Our Latest Analysis on Synovus Financial

Synovus Financial Price Performance

NYSE:SNV opened at $40.69 on Tuesday. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $41.15. The stock has a 50 day moving average of $38.70 and a two-hundred day moving average of $37.90. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. The firm has a market cap of $5.96 billion, a P/E ratio of 13.93, a price-to-earnings-growth ratio of 5.26 and a beta of 1.40.

Synovus Financial (NYSE:SNVGet Free Report) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The company had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. Synovus Financial’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter last year, the company earned $1.33 earnings per share. On average, analysts expect that Synovus Financial will post 3.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Eli Samaha sold 172,889 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $25.20, for a total value of $4,356,802.80. Following the sale, the insider now directly owns 1,293,259 shares in the company, valued at $32,590,126.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, major shareholder Eli Samaha sold 172,889 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $25.20, for a total value of $4,356,802.80. Following the sale, the insider now directly owns 1,293,259 shares in the company, valued at $32,590,126.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP D Wayne Akins, Jr. acquired 24,500 shares of Synovus Financial stock in a transaction dated Friday, June 7th. The stock was bought at an average price of $37.40 per share, for a total transaction 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 approximately $1,566,461.60. The disclosure for this purchase can be found here. Insiders have sold 179,712 shares of company stock worth $4,528,878 over the last ninety days. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Several large investors have recently bought and sold shares of SNV. Alps Advisors Inc. increased its holdings in Synovus Financial by 22.1% in the third quarter. Alps Advisors Inc. now owns 11,175 shares of the bank’s stock valued at $311,000 after buying an additional 2,022 shares during the last quarter. Graham Capital Management L.P. increased its holdings in Synovus Financial by 3.4% in the third quarter. Graham Capital Management L.P. now owns 125,335 shares of the bank’s stock valued at $3,484,000 after buying an additional 4,070 shares during the last quarter. American Century Companies Inc. increased its holdings in Synovus Financial by 46.0% in the third quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock valued at $26,631,000 after buying an additional 301,604 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its holdings in Synovus Financial by 41.0% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 82,962 shares of the bank’s stock valued at $2,307,000 after buying an additional 24,123 shares during the last quarter. Finally, Anchor Investment Management LLC purchased a new position in Synovus Financial in the fourth quarter valued at $241,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Company Profile

(Get Free Report)

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.

See Also

Analyst Recommendations for Synovus Financial (NYSE:SNV)

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