Synovus Financial Corp. (NYSE:SNV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm currently has a $49.00 price objective on the bank’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 12.49% from the stock’s previous close.

According to Zacks, “Shares of Synovus have outperformed the industry year to date. This price performance is backed by impressive earnings surprise history. The company has surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. 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. Though escalating expenses remain a concern, the margin pressure also seems to be easing on the back of gradually improving rate scenario.”

SNV has been the topic of a number of other reports. ValuEngine upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. BidaskClub lowered Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research note on Sunday, July 16th. Barclays PLC restated an “equal weight” rating and issued a $46.00 target price (up from $44.00) on shares of Synovus Financial Corp. in a research note on Wednesday, July 12th. Jefferies Group LLC restated a “hold” rating and issued a $47.00 target price on shares of Synovus Financial Corp. in a research note on Friday, July 14th. Finally, Stephens restated a “buy” rating and issued a $46.00 target price on shares of Synovus Financial Corp. in a research note on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $42.36.

Synovus Financial Corp. (SNV) remained flat at $43.56 on Tuesday. 700,302 shares of the stock were exchanged. The stock has a market cap of $5.29 billion, a price-to-earnings ratio of 19.78 and a beta of 1.12. The stock has a 50-day moving average of $42.50 and a 200 day moving average of $42.35. Synovus Financial Corp. has a 12-month low of $31.41 and a 12-month high of $45.38.

Synovus Financial Corp. (NYSE:SNV) last announced its earnings results on Tuesday, July 18th. The bank reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.01. The business had revenue of $319.80 million for the quarter, compared to analyst estimates of $317.81 million. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.46 EPS. On average, equities analysts expect that Synovus Financial Corp. will post $2.46 earnings per share for the current year.

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

Several institutional investors have recently made changes to their positions in the company. Balentine LLC increased its position in shares of Synovus Financial Corp. by 0.3% during the 1st quarter. Balentine LLC now owns 3,108 shares of the bank’s stock valued at $128,000 after purchasing an additional 9 shares during the last quarter. Keel Point LLC increased its position in shares of Synovus Financial Corp. by 0.3% during the 1st quarter. Keel Point LLC now owns 5,761 shares of the bank’s stock valued at $236,000 after purchasing an additional 17 shares during the last quarter. World Asset Management Inc increased its position in shares of Synovus Financial Corp. by 0.8% during the 1st quarter. World Asset Management Inc now owns 7,570 shares of the bank’s stock valued at $311,000 after purchasing an additional 60 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of Synovus Financial Corp. by 0.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 9,820 shares of the bank’s stock valued at $434,000 after purchasing an additional 84 shares during the last quarter. Finally, M&T Bank Corp increased its position in shares of Synovus Financial Corp. by 1.3% during the 2nd quarter. M&T Bank Corp now owns 7,288 shares of the bank’s stock valued at $322,000 after purchasing an additional 91 shares during the last quarter. Hedge funds and other institutional investors own 77.86% of the company’s stock.

Synovus Financial Corp. Company Profile

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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