Synovus Financial (NYSE:SNV) had its target price lifted by Bank of America from $55.00 to $56.00 in a report issued on Wednesday. The brokerage presently has a “buy” rating on the bank’s stock. Bank of America’s price target points to a potential upside of 9.48% from the stock’s current price.
Several other equities analysts have also weighed in on the stock. Hovde Group reiterated a “hold” rating and issued a $53.00 target price on shares of Synovus Financial in a report on Tuesday, January 23rd. Zacks Investment Research lowered shares of Synovus Financial from a “buy” rating to a “hold” rating and set a $54.00 target price on the stock. in a report on Friday, January 5th. Robert W. Baird reiterated an “average” rating and issued a $47.00 target price on shares of Synovus Financial in a report on Wednesday, January 3rd. Barclays boosted their target price on shares of Synovus Financial from $49.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $53.00 target price on shares of Synovus Financial in a report on Friday, December 22nd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $51.92.
Synovus Financial (NYSE SNV) traded down $0.06 during trading hours on Wednesday, reaching $51.15. 1,001,969 shares of the company’s stock traded hands, compared to its average volume of 855,401. The company has a quick ratio of 0.99, a current ratio of 0.97 and a debt-to-equity ratio of 0.60. The firm has a market cap of $6,088.73, a price-to-earnings ratio of 23.57, a price-to-earnings-growth ratio of 1.87 and a beta of 1.13. Synovus Financial has a 12 month low of $37.95 and a 12 month high of $52.08.
Synovus Financial declared that its Board of Directors has approved a stock repurchase program on Tuesday, January 23rd that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
In other news, Director Philip W. Tomlinson sold 1,052 shares of the company’s stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $48.82, for a total value of $51,358.64. Following the transaction, the director now directly owns 27,139 shares in the company, valued at approximately $1,324,925.98. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.50% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in SNV. Wells Fargo & Company MN increased its stake in Synovus Financial by 134.6% during the 2nd quarter. Wells Fargo & Company MN now owns 307,406 shares of the bank’s stock worth $13,599,000 after buying an additional 176,357 shares during the period. Nationwide Fund Advisors increased its stake in Synovus Financial by 0.6% during the 2nd quarter. Nationwide Fund Advisors now owns 215,994 shares of the bank’s stock worth $9,556,000 after buying an additional 1,381 shares during the period. Amalgamated Bank increased its stake in Synovus Financial by 20.7% during the 2nd quarter. Amalgamated Bank now owns 23,762 shares of the bank’s stock worth $1,051,000 after buying an additional 4,072 shares during the period. PNC Financial Services Group Inc. increased its stake in Synovus Financial by 16.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 4,120 shares of the bank’s stock worth $182,000 after buying an additional 583 shares during the period. Finally, New York State Common Retirement Fund increased its stake in Synovus Financial by 15.0% during the 2nd quarter. New York State Common Retirement Fund now owns 346,205 shares of the bank’s stock worth $15,316,000 after buying an additional 45,129 shares during the period. 77.48% of the stock is currently owned by hedge funds and other institutional investors.
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Synovus Financial 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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