Synovus Financial Corp. (NYSE:SNV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $50.00 price target on the bank’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 15.07% from the company’s previous close.

According to Zacks, “Synovus’ shares outperformed the Zacks categorized Southeast Banks industry over the last six months. The company’s second-quarter 2017 earnings beat the Zacks Consensus Estimate on high revenues. Strong loans & deposits growth were also recorded. However, escalating expenses and provisions remain a concern. We believe the company’s organic and inorganic growth strategies position the company well for the future. Further, Synovus’ focus on balance-sheet growth encourages us. The company’s impressive capital deployment activities reflect its strong capital position. Also, the margin pressure seems to be easing on the back of gradually improving rate scenario. Further, expectations of lesser regulations are likely to act as a tailwind for the company in the medium term.”

Other research analysts have also recently issued reports about the company. ValuEngine upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Bank of America Corporation upgraded Synovus Financial Corp. from a “neutral” rating to a “buy” rating and set a $23.00 price target for the company in a research note on Thursday, May 11th. Barclays PLC reiterated an “equal weight” rating and issued a $46.00 price target (up from $44.00) on shares of Synovus Financial Corp. in a research note on Wednesday, July 12th. BidaskClub cut Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $47.00 price target on shares of Synovus Financial Corp. in a research note on Friday, July 14th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $42.78.

Synovus Financial Corp. (NYSE SNV) traded down 0.84% during midday trading on Wednesday, hitting $43.45. The stock had a trading volume of 691,563 shares. The company has a 50-day moving average of $43.54 and a 200-day moving average of $42.13. Synovus Financial Corp. has a 1-year low of $29.74 and a 1-year high of $45.38. The stock has a market cap of $5.29 billion, a price-to-earnings ratio of 19.73 and a beta of 1.13.

Synovus Financial Corp. (NYSE:SNV) last announced its quarterly earnings results on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, beating 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 company had revenue of $319.80 million during the quarter, compared to analysts’ expectations of $317.81 million. During the same period in the prior year, the company earned $0.46 EPS. Synovus Financial Corp.’s revenue was up 10.5% compared to the same quarter last year. Equities research analysts forecast that Synovus Financial Corp. will post $2.46 EPS for the current year.

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In related news, EVP D Wayne Akins, Jr. sold 3,500 shares of the firm’s stock in a transaction on Thursday, April 27th. The stock was sold at an average price of $42.96, for a total transaction of $150,360.00. Following the completion of the transaction, the executive vice president now directly owns 34,994 shares of the company’s stock, valued at approximately $1,503,342.24. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.50% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Credit Agricole S A bought a new position in shares of Synovus Financial Corp. during the fourth quarter valued at about $228,000. Allianz Asset Management AG bought a new position in shares of Synovus Financial Corp. during the fourth quarter valued at about $283,000. New York State Teachers Retirement System raised its position in shares of Synovus Financial Corp. by 47.0% in the fourth quarter. New York State Teachers Retirement System now owns 34,700 shares of the bank’s stock valued at $1,425,000 after buying an additional 11,100 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of Synovus Financial Corp. by 10.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,232 shares of the bank’s stock valued at $132,000 after buying an additional 297 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new position in shares of Synovus Financial Corp. during the fourth quarter valued at about $254,000. 77.53% of the stock is owned by institutional investors and hedge funds.

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.

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

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