Synovus Financial Corp. (NYSE:SNV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm presently has a $52.00 target price on the bank’s stock. Zacks Investment Research‘s price target suggests a potential upside of 10.99% 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 the impressive earnings surprise history. The company has surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. Top-line strength backed by strong loans & deposits balances and easing margin pressure drove third-quarter 2017 earnings. Synovus’ organic and inorganic growth strategies position the company well for the future. Further, its focus on balance-sheet growth keeps us encouraged. The company’s promising capital deployment activities reflect its strong capital position. However, escalating expenses remain a concern.”

A number of other analysts have also commented on SNV. Jefferies Group LLC reaffirmed a “hold” rating and issued a $50.00 target price on shares of Synovus Financial Corp. in a research report on Thursday, October 12th. SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $51.00 target price on shares of Synovus Financial Corp. in a research report on Thursday, October 12th. Robert W. Baird reaffirmed a “hold” rating and issued a $43.00 target price on shares of Synovus Financial Corp. in a research report on Friday, October 20th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $48.00 target price on shares of Synovus Financial Corp. in a research report on Thursday, October 19th. Finally, Barclays PLC set a $49.00 target price on Synovus Financial Corp. and gave the company a “hold” rating in a research report on Wednesday, October 18th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company. Synovus Financial Corp. currently has a consensus rating of “Hold” and a consensus target price of $45.36.

Shares of Synovus Financial Corp. (NYSE:SNV) traded down 0.47% during midday trading on Wednesday, hitting $46.63. The company’s stock had a trading volume of 457,609 shares. The company has a market cap of $5.58 billion, a P/E ratio of 18.87 and a beta of 1.10. The company has a 50-day moving average price of $45.69 and a 200 day moving average price of $43.47. Synovus Financial Corp. has a 1-year low of $32.21 and a 1-year high of $47.67.

Synovus Financial Corp. (NYSE:SNV) last posted its quarterly earnings data on Tuesday, October 17th. The bank reported $0.65 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.01. Synovus Financial Corp. had a return on equity of 10.44% and a net margin of 21.39%. The firm had revenue of $398.01 million during the quarter, compared to analyst estimates of $331.27 million. During the same period last year, the company posted $0.65 EPS. On average, equities research analysts predict that Synovus Financial Corp. will post $2.57 EPS for the current year.

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In related news, EVP R Dallis Copeland, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, October 19th. The stock was sold at an average price of $46.29, for a total value of $462,900.00. Following the transaction, the executive vice president now owns 43,488 shares in the company, valued at $2,013,059.52. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Allen J. Gula sold 2,125 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $47.11, for a total value of $100,108.75. Following the completion of the transaction, the chief operating officer now owns 72,561 shares in the company, valued at approximately $3,418,348.71. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the stock. Csenge Advisory Group purchased a new position in Synovus Financial Corp. in the third quarter valued at approximately $287,000. Artemis Investment Management LLP raised its holdings in Synovus Financial Corp. by 20.0% during the 3rd quarter. Artemis Investment Management LLP now owns 169,991 shares of the bank’s stock valued at $7,831,000 after acquiring an additional 28,298 shares during the period. Crossmark Global Holdings Inc. bought a new stake in Synovus Financial Corp. during the 3rd quarter valued at $444,000. Fox Run Management L.L.C. bought a new stake in Synovus Financial Corp. during the 3rd quarter valued at $1,064,000. Finally, APG Asset Management N.V. bought a new stake in Synovus Financial Corp. during the 3rd quarter valued at $1,156,000. Institutional investors and hedge funds own 79.14% of the company’s stock.

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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