DA Davidson started coverage on shares of Synovus Financial (NYSE:SNV) in a research note released on Tuesday morning, BenzingaRatingsTable reports. The firm issued a buy rating and a $41.00 target price on the bank’s stock. DA Davidson also issued estimates for Synovus Financial’s Q3 2019 earnings at $0.98 EPS, FY2019 earnings at $3.96 EPS and FY2020 earnings at $3.94 EPS.
Several other equities research analysts have also recently issued reports on the stock. Royal Bank of Canada started coverage on shares of Synovus Financial in a report on Friday, July 12th. They issued an outperform rating and a $42.00 target price on the stock. Stephens upgraded shares of Synovus Financial from an equal weight rating to an overweight rating in a report on Tuesday, August 6th. Evercore ISI upgraded shares of Synovus Financial from an in-line rating to an outperform rating in a report on Thursday, August 8th. Raymond James dropped their target price on shares of Synovus Financial from $44.00 to $42.00 and set a strong-buy rating on the stock in a report on Tuesday, June 18th. Finally, ValuEngine upgraded shares of Synovus Financial from a strong sell rating to a sell rating in a report on Saturday, July 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Synovus Financial presently has a consensus rating of Buy and an average target price of $44.27.
NYSE:SNV opened at $34.70 on Tuesday. The company’s 50 day moving average price is $35.88 and its 200-day moving average price is $35.90. Synovus Financial has a 52 week low of $29.93 and a 52 week high of $50.76. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.51. The stock has a market cap of $5.30 billion, a price-to-earnings ratio of 9.53, a PEG ratio of 1.09 and a beta of 1.31.
Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Tuesday, July 16th. The bank reported $1.00 EPS for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.01. Synovus Financial had a net margin of 24.15% and a return on equity of 15.11%. The firm had revenue of $487.90 million for the quarter, compared to analysts’ expectations of $482.13 million. During the same quarter in the prior year, the company posted $0.92 earnings per share. The business’s revenue for the quarter was up 36.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Synovus Financial will post 4.02 earnings per share for the current year.
Hedge funds have recently modified their holdings of the stock. Synovus Financial Corp boosted its stake in shares of Synovus Financial by 1.4% during the 1st quarter. Synovus Financial Corp now owns 6,081,527 shares of the bank’s stock worth $208,973,000 after acquiring an additional 85,903 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Synovus Financial by 32.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,190,184 shares of the bank’s stock worth $70,065,000 after acquiring an additional 530,991 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Synovus Financial by 23.0% during the 2nd quarter. Bank of America Corp DE now owns 2,145,225 shares of the bank’s stock worth $75,081,000 after acquiring an additional 400,724 shares during the last quarter. Silvercrest Asset Management Group LLC boosted its stake in shares of Synovus Financial by 33.7% during the 2nd quarter. Silvercrest Asset Management Group LLC now owns 1,762,723 shares of the bank’s stock worth $61,695,000 after acquiring an additional 443,898 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Synovus Financial by 48.5% during the 4th quarter. Geode Capital Management LLC now owns 1,615,735 shares of the bank’s stock worth $51,686,000 after acquiring an additional 528,022 shares during the last quarter. Institutional investors own 84.04% of the company’s stock.
Synovus Financial Company Profile
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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