Synovus Financial (NYSE:SNV) PT Raised to $47.00 at DA Davidson

Synovus Financial (NYSE:SNV) had its price objective upped by equities research analysts at DA Davidson from $43.00 to $47.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. DA Davidson’s price objective would suggest a potential upside of 20.17% from the stock’s current price.

SNV has been the topic of a number of other reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $38.00 target price (down from $46.00) on shares of Synovus Financial in a research report on Friday, April 19th. Piper Sandler reduced their price objective on shares of Synovus Financial from $46.00 to $42.00 and set an “overweight” rating for the company in a research note on Friday, April 19th. Barclays dropped their target price on shares of Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday, April 19th. JPMorgan Chase & Co. reduced their price target on shares of Synovus Financial from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Friday, April 19th. Finally, Wells Fargo & Company lowered their price objective on shares of Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a research report on Friday, April 19th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $41.50.

Synovus Financial Stock Performance

NYSE:SNV opened at $39.11 on Tuesday. The company has a 50-day moving average of $37.99 and a 200-day moving average of $35.51. The firm has a market cap of $5.73 billion, a price-to-earnings ratio of 13.39, a price-to-earnings-growth ratio of 4.48 and a beta of 1.41. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $40.92.

Synovus Financial (NYSE:SNV) last issued its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $547.62 million. During the same quarter in the previous year, the business posted $1.33 earnings per share. The company’s quarterly revenue was down 12.4% on a year-over-year basis. Analysts forecast that Synovus Financial will post 3.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds have recently added to or reduced their stakes in SNV. Allworth Financial LP increased its stake in shares of Synovus Financial by 333.5% during the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after purchasing an additional 557 shares during the last quarter. International Assets Investment Management LLC bought a new position in Synovus Financial during the fourth quarter valued at about $28,000. MeadowBrook Investment Advisors LLC acquired a new stake in shares of Synovus Financial in the fourth quarter worth about $30,000. American National Bank bought a new stake in shares of Synovus Financial during the 4th quarter worth about $38,000. Finally, Tennessee Valley Asset Management Partners acquired a new position in shares of Synovus Financial during the 4th quarter valued at about $42,000. 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.