DA Davidson Reiterates "Buy" Rating for Synovus Financial (NYSE:SNV)

Key Points

• DA Davidson has maintained a "Buy" rating on Synovus Financial with a target price of $63.00, indicating a potential upside of 37.46% from its previous close.
• Despite a recent 2.4% drop in stock price, Synovus reported earnings per share of $1.46, exceeding analysts' expectations of $1.36.
• Insider trading activity shows CFO Andrew J. Jr. Gregory purchased shares, increasing his stake in the company, alongside other significant acquisitions by directors.

Synovus Financial (NYSE:SNV - Get Free Report)'s stock had its "buy" rating reiterated by investment analysts at DA Davidson in a research report issued on Thursday,Benzinga reports. They presently have a $63.00 price objective on the bank's stock. DA Davidson's price target would suggest a potential upside of 37.46% from the stock's previous close.

A number of other analysts have also recently weighed in on the company. Morgan Stanley raised their price target on Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th. Wall Street Zen upgraded Synovus Financial from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. UBS Group cut Synovus Financial from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $63.00 to $56.00 in a research note on Tuesday, September 2nd. Stephens dropped their price target on shares of Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 29th. Finally, Truist Financial reduced their price objective on shares of Synovus Financial from $58.00 to $56.00 and set a "buy" rating for the company in a research report on Wednesday, September 24th. Nine equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $58.50.

Synovus Financial Stock Down 2.4%

Synovus Financial stock traded down $1.13 during trading on Thursday, reaching $45.83. The stock had a trading volume of 749,539 shares, compared to its average volume of 1,628,356. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. Synovus Financial has a 52-week low of $35.94 and a 52-week high of $61.06. The stock has a market cap of $6.36 billion, a PE ratio of 8.82, a P/E/G ratio of 0.86 and a beta of 1.21. The business has a 50 day moving average price of $49.70 and a 200 day moving average price of $48.43.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.10. The business had revenue of $612.79 million for the quarter, compared to analyst estimates of $604.59 million. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. The company's revenue was up 9.0% on a year-over-year basis. During the same period last year, the business earned $1.23 EPS. On average, analysts predict that Synovus Financial will post 4.89 EPS for the current year.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the stock in a transaction on Tuesday, July 29th. The shares were bought at an average cost of $48.90 per share, with a total value of $97,800.00. Following the transaction, the chief financial officer owned 58,220 shares of the company's stock, valued at approximately $2,846,958. This trade represents a 3.56% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Diana M. Murphy acquired 1,000 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was acquired at an average price of $48.80 per share, for a total transaction of $48,800.00. Following the completion of the purchase, the director owned 40,171 shares of the company's stock, valued at $1,960,344.80. This trade represents a 2.55% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 8,040 shares of company stock worth $392,916 in the last quarter. 1.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Elevation Point Wealth Partners LLC purchased a new stake in shares of Synovus Financial during the second quarter worth approximately $31,000. Armstrong Advisory Group Inc. acquired a new position in Synovus Financial in the 2nd quarter valued at $41,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Synovus Financial during the 1st quarter worth $47,000. Ransom Advisory Ltd lifted its stake in shares of Synovus Financial by 90.0% in the 3rd quarter. Ransom Advisory Ltd now owns 950 shares of the bank's stock worth $47,000 after acquiring an additional 450 shares during the period. Finally, IFP Advisors Inc boosted its holdings in shares of Synovus Financial by 650.4% in the second quarter. IFP Advisors Inc now owns 1,058 shares of the bank's stock valued at $60,000 after acquiring an additional 917 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other 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.

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