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

Synovus Financial (NYSE:SNV) was upgraded by Raymond James from a “market perform” rating to an “outperform” rating in a note issued to investors on Tuesday, FinViz reports. The firm currently has a $49.00 price target on the bank’s stock. Raymond James’ price objective would suggest a potential upside of 9.40% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Wells Fargo & Company lifted their price target on Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. StockNews.com downgraded shares of Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 12th. Barclays lifted their price objective on shares of Synovus Financial from $46.00 to $47.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Truist Financial increased their target price on shares of Synovus Financial from $44.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Finally, Jefferies Financial Group lifted their price target on shares of Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.69.

Synovus Financial Stock Performance

SNV stock opened at $44.79 on Tuesday. The company has a 50-day simple moving average of $44.01 and a 200 day simple moving average of $40.31. The company has a market capitalization of $6.45 billion, a P/E ratio of 15.34, a PEG ratio of 3.41 and a beta of 1.39. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $47.83.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company had revenue of $563.60 million during the quarter, compared to analyst estimates of $543.52 million. During the same period in the prior year, the business posted $1.16 EPS. The business’s revenue for the quarter was down .7% compared to the same quarter last year. Sell-side analysts predict that Synovus Financial will post 4.05 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the sale, the executive vice president now directly owns 14,833 shares in the company, valued at $685,284.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Synovus Financial

Institutional investors have recently made changes to their positions in the company. Innealta Capital LLC bought a new stake in Synovus Financial in the second quarter worth approximately $43,000. Abich Financial Wealth Management LLC boosted its stake in Synovus Financial by 43.5% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after purchasing an additional 371 shares during the period. Fidelis Capital Partners LLC acquired a new stake in Synovus Financial in the 1st quarter valued at approximately $51,000. Headlands Technologies LLC increased its position in Synovus Financial by 404.8% in the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after buying an additional 1,105 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Synovus Financial by 288.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,608 shares of the bank’s stock worth $61,000 after buying an additional 1,194 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.