Synovus Financial (NYSE:SNV) Given New $42.00 Price Target at Evercore ISI

Synovus Financial (NYSE:SNV) had its price objective increased by analysts at Evercore ISI from $40.00 to $42.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “in-line” rating on the bank’s stock. Evercore ISI’s price objective points to a potential upside of 4.87% from the stock’s current price.

A number of other analysts have also recently weighed in on SNV. Morgan Stanley increased their price objective on Synovus Financial from $29.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Royal Bank of Canada reissued an “outperform” rating and set a $42.00 target price on shares of Synovus Financial in a research note on Friday, January 19th. Stephens started coverage on Synovus Financial in a research note on Tuesday, December 19th. They set an “equal weight” rating and a $40.00 target price for the company. Raymond James raised Synovus Financial from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $34.00 to $45.00 in a research note on Friday, January 5th. Finally, The Goldman Sachs Group increased their target price on Synovus Financial from $33.00 to $37.00 and gave the stock a “neutral” rating in a research note on Monday, December 18th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $39.13.

Synovus Financial Stock Performance

Shares of NYSE SNV traded up $0.23 during trading hours on Thursday, reaching $40.05. The stock had a trading volume of 300,679 shares, compared to its average volume of 1,466,225. The firm has a market cap of $5.86 billion, a price-to-earnings ratio of 11.57 and a beta of 1.39. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $40.92. The firm has a 50-day moving average of $37.79 and a 200-day moving average of $33.49.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, January 17th. The bank reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.14). Synovus Financial had a return on equity of 14.95% and a net margin of 15.74%. The company had revenue of $488.68 million for the quarter, compared to analyst estimates of $527.60 million. Equities research analysts predict that Synovus Financial will post 4.03 earnings per share for the current year.

Insiders Place Their Bets

In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the completion of the transaction, the director now owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the transaction, the executive vice president now owns 11,086 shares in the company, valued at $423,817.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the transaction, the director now owns 33,144 shares in the company, valued at approximately $1,280,021.28. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in Synovus Financial by 56.9% in the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after purchasing an additional 2,843,488 shares during the period. Virtu Financial LLC purchased a new position in Synovus Financial in the fourth quarter valued at about $338,000. Teachers Retirement System of The State of Kentucky raised its position in Synovus Financial by 33.0% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 110,375 shares of the bank’s stock valued at $4,155,000 after purchasing an additional 27,413 shares during the period. Eventide Asset Management LLC purchased a new position in Synovus Financial in the fourth quarter valued at about $968,000. Finally, Price T Rowe Associates Inc. MD raised its position in Synovus Financial by 3.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 126,965 shares of the bank’s stock valued at $4,781,000 after purchasing an additional 3,780 shares during the period. Institutional investors and hedge funds 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.