Synovus Financial (NYSE:SNV) Coverage Initiated at Jefferies Financial Group

Equities researchers at Jefferies Financial Group started coverage on shares of Synovus Financial (NYSE:SNV - Get Free Report) in a research note issued on Wednesday, Marketbeat.com reports. The brokerage set a "hold" rating and a $55.00 price target on the bank's stock. Jefferies Financial Group's target price would indicate a potential upside of 16.96% from the stock's current price.

Other analysts have also issued reports about the company. Royal Bank of Canada reduced their price objective on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. JPMorgan Chase & Co. lowered their price target on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Wells Fargo & Company reduced their price objective on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Raymond James downgraded shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Finally, Morgan Stanley dropped their target price on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a report on Thursday, March 13th. Nine equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $56.56.

Synovus Financial Trading Down 0.5%

NYSE SNV traded down $0.24 during trading on Wednesday, reaching $47.02. 1,122,058 shares of the stock traded hands, compared to its average volume of 1,407,577. Synovus Financial has a fifty-two week low of $35.81 and a fifty-two week high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a market cap of $6.54 billion, a price-to-earnings ratio of 15.42, a price-to-earnings-growth ratio of 1.11 and a beta of 1.13. The stock's 50-day moving average price is $44.56 and its 200 day moving average price is $50.30.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, beating analysts' consensus estimates of $1.11 by $0.19. The company had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Analysts predict that Synovus Financial will post 4.89 EPS for the current year.

Institutional Trading of Synovus Financial

Several hedge funds and other institutional investors have recently bought and sold shares of SNV. AQR Capital Management LLC grew its position in shares of Synovus Financial by 168.2% in the 1st quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank's stock worth $130,546,000 after buying an additional 1,791,973 shares during the last quarter. Norges Bank purchased a new position in Synovus Financial during the 4th quarter valued at $77,209,000. Invesco Ltd. raised its holdings in Synovus Financial by 201.0% in the 1st quarter. Invesco Ltd. now owns 820,782 shares of the bank's stock worth $38,363,000 after purchasing an additional 548,092 shares in the last quarter. FMR LLC lifted its position in shares of Synovus Financial by 3.6% in the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank's stock worth $616,892,000 after purchasing an additional 415,201 shares during the period. Finally, Prudential Financial Inc. boosted its stake in shares of Synovus Financial by 349.4% during the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank's stock valued at $27,108,000 after purchasing an additional 411,411 shares in the last quarter. Institutional investors 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.