Synovus Financial (NYSE:SNV) Raised to "Overweight" at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Synovus Financial (NYSE:SNV - Free Report) from an equal weight rating to an overweight rating in a report issued on Thursday morning, Marketbeat Ratings reports. Wells Fargo & Company currently has $62.00 target price on the bank's stock, up from their prior target price of $50.00.

SNV has been the topic of a number of other reports. JPMorgan Chase & Co. lifted their price objective on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Stephens cut their price target on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Jefferies Financial Group initiated coverage on shares of Synovus Financial in a report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 target price on the stock. Morgan Stanley lowered 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. Finally, Royal Bank Of Canada lowered their target price on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Synovus Financial has an average rating of "Moderate Buy" and an average target price of $59.35.

Synovus Financial Stock Performance

SNV stock traded down $0.28 during midday trading on Thursday, reaching $54.84. 968,199 shares of the company's stock traded hands, compared to its average volume of 1,364,996. Synovus Financial has a 52-week low of $35.94 and a 52-week high of $59.92. The stock has a market cap of $7.62 billion, a P/E ratio of 15.35, a PEG ratio of 1.05 and a beta of 1.19. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.43. The stock's 50-day moving average is $49.30 and its 200 day moving average is $49.12.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its 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. Synovus Financial had a net margin of 16.19% and a return on equity of 15.87%. The business had revenue of $573.24 million during the quarter, compared to analysts' expectations of $572.35 million. As a group, analysts anticipate that Synovus Financial will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were issued a $0.39 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.56 annualized dividend and a dividend yield of 2.84%. Synovus Financial's payout ratio is 43.70%.

Institutional Investors Weigh In On Synovus Financial

Several large investors have recently added to or reduced their stakes in the stock. Wedge Capital Management L L P NC boosted its position in Synovus Financial by 0.4% in the 2nd quarter. Wedge Capital Management L L P NC now owns 703,947 shares of the bank's stock valued at $36,429,000 after buying an additional 2,983 shares during the period. UMB Bank n.a. increased its stake in shares of Synovus Financial by 17.0% during the second quarter. UMB Bank n.a. now owns 2,118 shares of the bank's stock valued at $110,000 after buying an additional 308 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Synovus Financial during the second quarter valued at $270,000. Harbor Capital Advisors Inc. increased its stake in shares of Synovus Financial by 467.9% during the second quarter. Harbor Capital Advisors Inc. now owns 107,105 shares of the bank's stock valued at $5,543,000 after buying an additional 88,244 shares during the period. Finally, Parallel Advisors LLC increased its stake in shares of Synovus Financial by 48.3% during the second quarter. Parallel Advisors LLC now owns 1,671 shares of the bank's stock valued at $86,000 after buying an additional 544 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Company Profile

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.