Stephens Reiterates “$46.00” Price Target for Synovus Financial Corp. (SNV)

Stephens set a $46.00 price target on Synovus Financial Corp. (NYSE:SNV) in a report published on Tuesday. The firm currently has a buy rating on the bank’s stock.

A number of other brokerages have also weighed in on SNV. Jefferies Group LLC reissued a hold rating and issued a $47.00 target price on shares of Synovus Financial Corp. in a research report on Sunday, June 11th. BidaskClub lowered Synovus Financial Corp. from a hold rating to a sell rating in a research report on Thursday, July 27th. Royal Bank Of Canada initiated coverage on Synovus Financial Corp. in a research report on Monday, July 17th. They issued an outperform rating and a $51.00 target price for the company. Zacks Investment Research raised Synovus Financial Corp. from a hold rating to a buy rating and set a $50.00 target price for the company in a research report on Wednesday, July 19th. Finally, Bank of America Corporation raised Synovus Financial Corp. from a neutral rating to a buy rating and set a $23.00 target price for the company in a research report on Thursday, May 11th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $42.78.

Synovus Financial Corp. (NYSE:SNV) opened at 41.69 on Tuesday. The company has a market cap of $5.07 billion, a price-to-earnings ratio of 18.93 and a beta of 1.12. Synovus Financial Corp. has a 52-week low of $31.41 and a 52-week high of $45.38. The company’s 50-day moving average is $43.86 and its 200 day moving average is $42.36.

Synovus Financial Corp. (NYSE:SNV) last issued its earnings results on Tuesday, July 18th. The bank reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.01. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The business had revenue of $319.80 million during the quarter, compared to analyst estimates of $317.81 million. During the same quarter in the previous year, the firm earned $0.46 EPS. Synovus Financial Corp.’s revenue was up 10.5% on a year-over-year basis. Equities analysts forecast that Synovus Financial Corp. will post $2.46 earnings per share for the current fiscal year.

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In other news, EVP Kevin Joseph Howard sold 7,000 shares of the company’s stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $43.37, for a total transaction of $303,590.00. Following the completion of the sale, the executive vice president now owns 46,490 shares of the company’s stock, valued at approximately $2,016,271.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Curtis J. Perry sold 7,062 shares of the company’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $43.86, for a total transaction of $309,739.32. Following the sale, the executive vice president now directly owns 60,038 shares of the company’s stock, valued at approximately $2,633,266.68. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. Fox Run Management L.L.C. raised its stake in Synovus Financial Corp. by 72.2% in the first quarter. Fox Run Management L.L.C. now owns 9,300 shares of the bank’s stock valued at $381,000 after buying an additional 3,900 shares during the last quarter. Comerica Bank raised its stake in Synovus Financial Corp. by 4.1% in the first quarter. Comerica Bank now owns 94,751 shares of the bank’s stock valued at $4,037,000 after buying an additional 3,751 shares during the last quarter. OppenheimerFunds Inc. raised its stake in Synovus Financial Corp. by 34.9% in the first quarter. OppenheimerFunds Inc. now owns 7,726 shares of the bank’s stock valued at $317,000 after buying an additional 1,998 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Synovus Financial Corp. by 26.3% in the first quarter. JPMorgan Chase & Co. now owns 1,237,015 shares of the bank’s stock valued at $50,742,000 after buying an additional 257,782 shares during the last quarter. Finally, California Public Employees Retirement System raised its stake in Synovus Financial Corp. by 9.1% in the first quarter. California Public Employees Retirement System now owns 350,057 shares of the bank’s stock valued at $14,359,000 after buying an additional 29,100 shares during the last quarter. 77.61% of the stock is owned by hedge funds and other institutional investors.

About Synovus Financial Corp.

Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.

Analyst Recommendations for Synovus Financial Corp. (NYSE:SNV)

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