Jefferies Financial Group Initiates Coverage on Synovus Financial (NYSE:SNV)

Equities researchers at Jefferies Financial Group assumed coverage on shares of Synovus Financial (NYSE:SNV) in a research note issued on Wednesday,Benzinga reports. The brokerage set a “hold” rating and a $55.00 price target on the bank’s stock. Jefferies Financial Group’s target price would indicate a potential upside of 12.59% from the stock’s current price.

Several other equities research analysts have also weighed in on the stock. Morgan Stanley lowered their target price on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Barclays decreased their price objective on shares of Synovus Financial from $66.00 to $60.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Raymond James downgraded Synovus Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Wells Fargo & Company dropped their price target on Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. Finally, Truist Financial started coverage on Synovus Financial in a research report on Tuesday, May 13th. They issued a “buy” rating and a $56.00 price objective for the company. Nine analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.56.

Synovus Financial Trading Down 0.7%

SNV stock opened at $48.85 on Wednesday. Synovus Financial has a 1-year low of $35.81 and a 1-year high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The business’s 50 day moving average is $44.50 and its 200-day moving average is $50.44. The firm has a market cap of $6.79 billion, a P/E ratio of 16.02, a P/E/G ratio of 1.11 and a beta of 1.13.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $573.24 million for the quarter, compared to analysts’ expectations of $572.35 million. Equities analysts anticipate that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Institutional Trading of Synovus Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNV. Colonial Trust Co SC boosted its stake in shares of Synovus Financial by 554.4% in the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock valued at $30,000 after purchasing an additional 499 shares during the last quarter. Keystone Financial Group Inc. acquired a new position in Synovus Financial in the fourth quarter valued at approximately $37,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in Synovus Financial in the first quarter valued at approximately $47,000. Jones Financial Companies Lllp lifted its stake in shares of Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after purchasing an additional 461 shares during the period. Finally, V Square Quantitative Management LLC lifted its stake in shares of Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after purchasing an additional 466 shares during the period. 83.85% of the stock is owned by institutional investors.

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.