Synovus Financial (NYSE:SNV) Rating Increased to Hold at StockNews.com

Synovus Financial (NYSE:SNV - Get Free Report) was upgraded by investment analysts at StockNews.com from a "sell" rating to a "hold" rating in a research note issued on Friday.

A number of other research analysts have also commented on the stock. Bank of America upped their price objective on shares of Synovus Financial from $48.00 to $57.00 and gave the company a "buy" rating in a research report on Friday. Wells Fargo & Company cut shares of Synovus Financial from an "overweight" rating to an "equal weight" rating and lowered their target price for the company from $48.00 to $46.00 in a research note on Tuesday, October 1st. Raymond James raised shares of Synovus Financial from a "market perform" rating to an "outperform" rating and set a $49.00 target price on the stock in a research note on Tuesday, September 17th. Royal Bank of Canada upped their target price on shares of Synovus Financial from $49.00 to $57.00 and gave the company an "outperform" rating in a research note on Friday. Finally, Piper Sandler upped their target price on shares of Synovus Financial from $42.00 to $53.00 and gave the company an "overweight" rating in a research note on Friday, July 19th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $51.35.

Synovus Financial Stock Performance

Synovus Financial stock traded down $0.30 on Friday, reaching $50.55. 1,794,508 shares of the stock were exchanged, compared to its average volume of 1,407,239. The stock has a market cap of $7.40 billion, a PE ratio of 17.31, a PEG ratio of 2.18 and a beta of 1.38. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $51.69. The firm has a fifty day moving average price of $44.49 and a two-hundred day moving average price of $41.29.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts' consensus estimates of $1.09 by $0.14. The business had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The firm's revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.84 earnings per share. Sell-side analysts anticipate that Synovus Financial will post 4 EPS for the current year.

Insider Activity at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the transaction, the executive vice president now directly owns 14,833 shares in the company, valued at $685,284.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Synovus Financial

Hedge funds have recently bought and sold shares of the company. V Square Quantitative Management LLC acquired a new stake in Synovus Financial in the third quarter worth $30,000. UMB Bank n.a. increased its position in shares of Synovus Financial by 87.2% during the third quarter. UMB Bank n.a. now owns 747 shares of the bank's stock worth $33,000 after acquiring an additional 348 shares in the last quarter. Innealta Capital LLC bought a new stake in shares of Synovus Financial during the second quarter worth $43,000. Abich Financial Wealth Management LLC increased its position in shares of Synovus Financial by 43.5% during the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank's stock worth $49,000 after acquiring an additional 371 shares in the last quarter. Finally, Fidelis Capital Partners LLC bought a new stake in shares of Synovus Financial during the first quarter worth $51,000. 83.85% of the stock is currently 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.

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