Raymond James Financial Upgrades Synovus Financial (NYSE:SNV) to "Outperform"

Synovus Financial (NYSE:SNV - Get Free Report) was upgraded by investment analysts at Raymond James Financial from a "market perform" rating to an "outperform" rating in a research note issued on Friday, MarketBeat reports. The brokerage presently has a $62.00 target price on the bank's stock. Raymond James Financial's price target points to a potential upside of 11.31% from the company's previous close.

Other research analysts have also issued research reports about the company. Jefferies Financial Group started coverage on Synovus Financial in a research report on Wednesday, May 21st. They set a "hold" rating and a $55.00 price target on the stock. DA Davidson cut their price target on Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a research report on Monday, April 21st. Barclays lifted their price target on Synovus Financial from $60.00 to $67.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada cut their price target on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Finally, Truist Financial lifted their price target on Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Synovus Financial has an average rating of "Moderate Buy" and a consensus price target of $60.67.

Synovus Financial Stock Up 3.4%

SNV stock traded up $1.85 during trading on Friday, hitting $55.70. 2,873,439 shares of the company's stock were exchanged, compared to its average volume of 1,363,101. The business has a 50-day moving average price of $50.33 and a two-hundred day moving average price of $49.23. The stock has a market capitalization of $7.74 billion, a price-to-earnings ratio of 10.69, a PEG ratio of 1.02 and a beta of 1.19. Synovus Financial has a 52-week low of $35.94 and a 52-week high of $59.92. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 0.77.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.23. The firm had revenue of $592.08 million during the quarter, compared to analysts' expectations of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%. During the same quarter in the previous year, the business earned $1.16 earnings per share. As a group, equities research analysts expect that Synovus Financial will post 4.89 EPS for the current year.

Institutional Trading of Synovus Financial

Institutional investors have recently bought and sold shares of the company. Colonial Trust Co SC boosted its position in Synovus Financial by 554.4% during the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after purchasing an additional 499 shares in the last quarter. Armstrong Advisory Group Inc. purchased a new stake in Synovus Financial during the second quarter worth $41,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Synovus Financial during the first quarter worth $47,000. Millstone Evans Group LLC purchased a new stake in Synovus Financial during the fourth quarter worth $59,000. Finally, Spectrum Wealth Counsel LLC purchased a new stake in Synovus Financial during the first quarter worth $70,000. 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.