Synovus Financial Corp. (NYSE:SNV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage currently has a $52.00 target price on the bank’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 10.54% from the company’s current price.

According to Zacks, “Shares of Synovus have outperformed the industry year to date. This price performance is backed by the impressive earnings surprise history. The company has surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. Top-line strength backed by strong loans & deposits balances and easing margin pressure drove third-quarter 2017 earnings. Synovus’ organic and inorganic growth strategies position the company well for the future. Further, its focus on balance-sheet growth keeps us encouraged. The company’s promising capital deployment activities reflect its strong capital position. However, escalating expenses remain a concern.”

A number of other analysts have also issued reports on the company. Robert W. Baird restated a “hold” rating and issued a $43.00 target price on shares of Synovus Financial Corp. in a report on Friday, October 20th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $48.00 target price on shares of Synovus Financial Corp. in a report on Thursday, October 19th. Barclays PLC set a $49.00 target price on Synovus Financial Corp. and gave the company a “hold” rating in a report on Wednesday, October 18th. SunTrust Banks, Inc. restated a “buy” rating and issued a $51.00 target price on shares of Synovus Financial Corp. in a report on Thursday, October 12th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $50.00 target price on shares of Synovus Financial Corp. in a report on Thursday, October 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $45.36.

Synovus Financial Corp. (NYSE:SNV) last released its earnings results on Tuesday, October 17th. The bank reported $0.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.01. The company had revenue of $398.01 million during the quarter, compared to analyst estimates of $331.27 million. Synovus Financial Corp. had a return on equity of 10.44% and a net margin of 21.39%. During the same quarter in the prior year, the company earned $0.65 earnings per share.

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In other Synovus Financial Corp. news, EVP R Dallis Copeland, Jr. sold 10,000 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 43,488 shares of the company’s stock, valued at $2,013,059.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Allen J. Gula sold 2,125 shares of the stock in a transaction on Friday, October 27th. The stock was sold at an average price of $47.11, for a total transaction of $100,108.75. Following the transaction, the chief operating officer now directly owns 72,561 shares in the company, valued at $3,418,348.71. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. Balentine LLC increased its position in Synovus Financial Corp. by 0.4% during the second quarter. Balentine LLC now owns 3,120 shares of the bank’s stock worth $138,000 after buying an additional 12 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Synovus Financial Corp. by 21.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock worth $145,000 after buying an additional 622 shares during the last quarter. TLP Group LLC acquired a new position in Synovus Financial Corp. during the second quarter worth $145,000. Advisory Services Network LLC increased its position in Synovus Financial Corp. by 17.8% during the second quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock worth $152,000 after buying an additional 519 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Synovus Financial Corp. by 11.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,608 shares of the bank’s stock worth $204,000 after buying an additional 474 shares during the last quarter. 79.14% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Corp. 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 Corp. (NYSE:SNV)

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