Synovus Financial (NYSE:SNV) Given New $47.00 Price Target at DA Davidson

Synovus Financial (NYSE:SNV - Get Free Report) had its target price raised by research analysts at DA Davidson from $43.00 to $47.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a "buy" rating on the bank's stock. DA Davidson's price target would indicate a potential upside of 22.43% from the company's previous close.

Several other analysts have also recently commented on the company. Raymond James cut Synovus Financial from a "strong-buy" rating to a "market perform" rating in a report on Thursday, April 18th. Wells Fargo & Company dropped their price objective on shares of Synovus Financial from $42.00 to $40.00 and set an "overweight" rating for the company in a research note on Friday, April 19th. Barclays dropped their price objective on shares of Synovus Financial from $42.00 to $39.00 and set an "equal weight" rating for the company in a research note on Friday, April 19th. Evercore ISI upped their price objective on shares of Synovus Financial from $40.00 to $42.00 and gave the company an "in-line" rating in a research note on Thursday, March 28th. Finally, Morgan Stanley reaffirmed an "equal weight" rating and set a $37.00 price objective on shares of Synovus Financial in a research note on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Synovus Financial presently has a consensus rating of "Hold" and a consensus price target of $41.50.

Synovus Financial Trading Down 0.8 %

Shares of NYSE:SNV traded down $0.31 during trading on Tuesday, reaching $38.39. The stock had a trading volume of 2,041,597 shares, compared to its average volume of 1,491,102. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $40.92. The business has a fifty day moving average price of $37.93 and a 200-day moving average price of $35.39. The stock has a market cap of $5.62 billion, a P/E ratio of 13.32, a PEG ratio of 4.41 and a beta of 1.41. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. During the same quarter last year, the firm posted $1.33 earnings per share. The company's revenue was down 12.4% on a year-over-year basis. As a group, analysts anticipate that Synovus Financial will post 3.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC boosted its stake 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 buying an additional 977,155 shares during the last quarter. Wellington Management Group LLP boosted its stake 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 buying an additional 2,843,488 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Synovus Financial by 24.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank's stock valued at $194,951,000 after buying an additional 1,016,231 shares during the last quarter. North Reef Capital Management LP boosted its stake in shares of Synovus Financial by 52.7% during the 3rd quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank's stock valued at $124,683,000 after buying an additional 1,548,370 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Synovus Financial by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,730,148 shares of the bank's stock valued at $140,440,000 after acquiring an additional 21,041 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.