Synovus Financial (NYSE:SNV) Earns Equal Weight Rating from Stephens

Synovus Financial (NYSE:SNV)‘s stock had its “equal weight” rating reissued by Stephens in a research report issued on Thursday,Benzinga reports. They presently have a $58.00 price target on the bank’s stock. Stephens’ price objective suggests a potential upside of 6.74% from the stock’s previous close.

SNV has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft started coverage on Synovus Financial in a research note on Monday, December 9th. They set a “buy” rating and a $64.00 price objective on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a research report on Thursday, December 12th. JPMorgan Chase & Co. reduced their price objective on shares of Synovus Financial from $63.00 to $60.50 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. DA Davidson lifted their target price on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Finally, Citigroup set a $59.00 target price on Synovus Financial in a report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Synovus Financial has a consensus rating of “Moderate Buy” and a consensus target price of $58.19.

Synovus Financial Stock Down 2.9 %

NYSE SNV traded down $1.64 during mid-day trading on Thursday, hitting $54.34. The company’s stock had a trading volume of 891,750 shares, compared to its average volume of 1,239,441. The firm has a market capitalization of $7.70 billion, a price-to-earnings ratio of 24.59, a PEG ratio of 1.31 and a beta of 1.39. The company’s 50 day simple moving average is $54.31 and its 200 day simple moving average is $48.16. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. Synovus Financial has a twelve month low of $33.44 and a twelve month high of $59.92.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping the consensus estimate of $1.16 by $0.09. The company had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.80 earnings per share. Analysts anticipate that Synovus Financial will post 4.39 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new stake in Synovus Financial during the third quarter worth about $30,000. UMB Bank n.a. raised its holdings in shares of Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after buying an additional 348 shares in the last quarter. Quarry LP bought a new stake in Synovus Financial in the 3rd quarter worth approximately $41,000. Brooklyn Investment Group purchased a new stake in Synovus Financial in the third quarter worth approximately $56,000. Finally, Abich Financial Wealth Management LLC grew its position in Synovus Financial by 30.6% during the second quarter. Abich Financial Wealth Management LLC now owns 1,598 shares of the bank’s stock valued at $64,000 after acquiring an additional 374 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

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.