Synovus Financial (NYSE:SNV) Now Covered by Jefferies Financial Group

Investment analysts at Jefferies Financial Group assumed coverage on shares of Synovus Financial (NYSE:SNV - Get Free Report) in a report released on Wednesday,Benzinga reports. The brokerage set a "hold" rating and a $55.00 price target on the bank's stock. Jefferies Financial Group's price target suggests a potential upside of 12.59% from the company's previous close.

SNV has been the subject of a number of other reports. Truist Financial assumed coverage on shares of Synovus Financial in a report on Tuesday, May 13th. They issued a "buy" rating and a $56.00 price objective for the company. Raymond James downgraded Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. cut their price objective on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Stephens reduced their target price on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Finally, Barclays lowered their price target on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Nine research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Synovus Financial has an average rating of "Moderate Buy" and an average target price of $56.56.

Synovus Financial Stock Down 0.7%

Shares of Synovus Financial stock opened at $48.85 on Wednesday. The firm has a market cap of $6.79 billion, a price-to-earnings ratio of 16.02, a P/E/G ratio of 1.11 and a beta of 1.13. The stock has a 50-day simple moving average of $44.50 and a 200-day simple moving average of $50.44. Synovus Financial has a 52-week low of $35.81 and a 52-week high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.19. The firm had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. On average, equities research analysts expect that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Synovus Financial

Institutional investors have recently added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new stake in shares of Synovus Financial in the 4th quarter worth approximately $3,798,000. Northern Trust Corp raised its stake in shares of Synovus Financial by 32.4% in the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock valued at $70,702,000 after purchasing an additional 337,784 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Synovus Financial in the fourth quarter valued at $1,504,000. SG Americas Securities LLC lifted its position in Synovus Financial by 11.0% in the fourth quarter. SG Americas Securities LLC now owns 12,547 shares of the bank's stock worth $643,000 after purchasing an additional 1,240 shares during the period. Finally, Janney Montgomery Scott LLC lifted its position in Synovus Financial by 4.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 51,357 shares of the bank's stock worth $2,631,000 after purchasing an additional 2,166 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.