Synovus Financial (NYSE:SNV) Price Target Raised to $44.00

Synovus Financial (NYSE:SNV - Get Free Report) had its price target lifted by investment analysts at Royal Bank of Canada from $42.00 to $44.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an "outperform" rating on the bank's stock. Royal Bank of Canada's target price would suggest a potential upside of 12.30% from the company's previous close.

SNV has been the subject of a number of other reports. Barclays initiated coverage on Synovus Financial in a report on Friday, March 8th. They issued an "equal weight" rating and a $42.00 target price for the company. DA Davidson reiterated a "buy" rating on shares of Synovus Financial in a research report on Monday, January 15th. Jefferies Financial Group decreased their price target on Synovus Financial from $46.00 to $43.00 and set a "buy" rating on the stock in a research note on Monday. The Goldman Sachs Group boosted their price target on Synovus Financial from $33.00 to $37.00 and gave the stock a "neutral" rating in a research note on Monday, December 18th. Finally, JPMorgan Chase & Co. upped their target price on Synovus Financial from $46.00 to $50.00 and gave the company an "overweight" rating in a research note on Thursday, April 4th. One research analyst has rated the stock with a sell rating, five have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $40.94.

Synovus Financial Stock Performance

Shares of SNV traded up $0.15 during mid-day trading on Tuesday, reaching $39.18. The company had a trading volume of 1,204,641 shares, compared to its average volume of 1,453,304. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $40.92. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $5.74 billion, a P/E ratio of 11.28 and a beta of 1.40. The stock has a 50 day moving average of $37.86 and a two-hundred day moving average of $34.04.

Synovus Financial (NYSE:SNV - Get Free Report) last released its earnings results on Wednesday, January 17th. The bank reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.14). The firm had revenue of $488.68 million during the quarter, compared to analysts' expectations of $527.60 million. Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. On average, analysts expect that Synovus Financial will post 4.02 earnings per share for the current year.

Insider Transactions at Synovus Financial

In related news, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total transaction of $180,394.02. Following the sale, the director now directly owns 33,144 shares of the company's stock, valued at approximately $1,280,021.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Tim E. Bentsen sold 4,671 shares of the company's stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total value of $180,394.02. Following the sale, the director now directly owns 33,144 shares of the company's stock, valued at approximately $1,280,021.28. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the business's stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the transaction, the executive vice president now owns 11,086 shares in the company, valued at approximately $423,817.78. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Synovus Financial

Large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Synovus Financial by 1.1% in the third quarter. Vanguard Group Inc. now owns 14,996,954 shares of the bank's stock worth $562,536,000 after buying an additional 170,332 shares during the period. BlackRock Inc. lifted its stake in Synovus Financial by 1.6% during the 1st quarter. BlackRock Inc. now owns 14,098,433 shares of the bank's stock valued at $434,655,000 after acquiring an additional 228,708 shares during the period. FMR LLC increased its position in shares of Synovus Financial by 10.0% during the 3rd quarter. FMR LLC now owns 10,702,534 shares of the bank's stock valued at $297,530,000 after purchasing an additional 977,155 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Synovus Financial by 56.9% during the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank's stock valued at $295,127,000 after purchasing an additional 2,843,488 shares during the last quarter. Finally, State Street Corp increased its holdings in Synovus Financial by 15.7% in the 1st quarter. State Street Corp now owns 6,937,880 shares of the bank's stock worth $216,502,000 after acquiring an additional 941,244 shares in the last quarter. 83.85% of the stock is currently owned by 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.