DA Davidson Raises Synovus Financial (NYSE:SNV) Price Target to $47.00

Synovus Financial (NYSE:SNV) had its target price hoisted by research analysts at DA Davidson from $43.00 to $47.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. DA Davidson’s price objective would suggest a potential upside of 20.57% from the stock’s previous close.

A number of other equities analysts have also weighed in on the company. Evercore ISI upped their price objective on Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a research note on Thursday, March 28th. Piper Sandler decreased their price objective on Synovus Financial from $46.00 to $42.00 and set an “overweight” rating on the stock in a research report on Friday, April 19th. The Goldman Sachs Group decreased their price objective on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating on the stock in a research report on Friday, April 19th. Truist Financial cut their target price on Synovus Financial from $45.00 to $39.00 and set a “buy” rating on the stock in a research note on Monday, April 22nd. Finally, Raymond James cut Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research note on Thursday, April 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $41.50.

Synovus Financial Stock Up 0.7 %

NYSE SNV traded up $0.28 during trading hours on Tuesday, reaching $38.98. 455,451 shares of the company’s stock traded hands, compared to its average volume of 1,472,659. The firm has a 50-day simple moving average of $37.93 and a 200 day simple moving average of $35.39. The firm has a market cap of $5.71 billion, a PE ratio of 13.32, a PEG ratio of 4.41 and a beta of 1.41. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $40.92. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20). The business had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. Synovus Financial’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.33 earnings per share. Sell-side analysts anticipate that Synovus Financial will post 3.76 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Phocas Financial Corp. bought a new position in shares of Synovus Financial in the 4th quarter worth $7,115,000. New York State Common Retirement Fund boosted its position in shares of Synovus Financial by 346.6% in the 4th quarter. New York State Common Retirement Fund now owns 570,880 shares of the bank’s stock worth $21,494,000 after purchasing an additional 443,056 shares during the last quarter. BIP Wealth LLC boosted its position in shares of Synovus Financial by 104.6% in the 4th quarter. BIP Wealth LLC now owns 46,901 shares of the bank’s stock worth $1,766,000 after purchasing an additional 23,978 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Synovus Financial by 46.0% in the 3rd quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock worth $26,631,000 after purchasing an additional 301,604 shares during the last quarter. Finally, Prudential PLC bought a new position in shares of Synovus Financial in the 3rd quarter worth $1,025,000. 83.85% of the stock is currently owned by 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.