Barclays Raises Synovus Financial (SNV) Price Target to $53.00

Synovus Financial (NYSE:SNV) had its target price boosted by Barclays from $49.00 to $53.00 in a research note issued to investors on Tuesday. The brokerage currently has an “equal weight” rating on the bank’s stock. Barclays’ price target points to a potential upside of 10.55% from the company’s previous close.

A number of other equities research analysts have also weighed in on SNV. Zacks Investment Research upgraded shares of Synovus Financial from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Tuesday, December 26th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $53.00 price target on shares of Synovus Financial in a report on Friday, December 22nd. Jefferies Group restated a “hold” rating and issued a $50.00 price target on shares of Synovus Financial in a report on Thursday, October 12th. ValuEngine lowered shares of Synovus Financial from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. Finally, SunTrust Banks restated a “buy” rating and issued a $54.00 price target on shares of Synovus Financial in a report on Wednesday, November 29th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $46.73.

Shares of Synovus Financial (NYSE:SNV) traded down $0.53 on Tuesday, reaching $47.94. 646,400 shares of the company were exchanged, compared to its average volume of 746,674. Synovus Financial has a one year low of $37.95 and a one year high of $51.09. The company has a market cap of $5,729.54, a price-to-earnings ratio of 19.33, a price-to-earnings-growth ratio of 2.44 and a beta of 1.13. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.66.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Tuesday, October 17th. The bank reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.01. Synovus Financial had a net margin of 21.39% and a return on equity of 10.44%. The company had revenue of $398.01 million during the quarter, compared to analyst estimates of $331.27 million. During the same quarter last year, the business posted $0.65 EPS. equities analysts predict that Synovus Financial will post 2.45 EPS for the current year.

In other news, COO Allen J. Gula sold 2,125 shares of Synovus Financial 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 transaction, the chief operating officer now owns 72,561 shares of the company’s stock, valued at approximately $3,418,348.71. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP R Dallis Copeland, Jr. sold 10,000 shares of Synovus Financial stock in a transaction that occurred on Thursday, October 19th. The stock was sold at an average price of $46.29, for a total transaction of $462,900.00. Following the completion of the transaction, the executive vice president now directly owns 43,488 shares in the company, valued at approximately $2,013,059.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,177 shares of company stock worth $614,367. Insiders own 1.50% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. EJF Capital grew its position in Synovus Financial by 206.0% during the 3rd quarter. EJF Capital now owns 1,530,002 shares of the bank’s stock worth $45,288,000 after purchasing an additional 1,030,000 shares during the last quarter. BNP Paribas Arbitrage SA grew its position in Synovus Financial by 238.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 62,043 shares of the bank’s stock worth $1,799,000 after purchasing an additional 43,692 shares during the last quarter. Eagle Asset Management grew its position in Synovus Financial by 84.1% during the 3rd quarter. Eagle Asset Management now owns 4,396,274 shares of the bank’s stock worth $130,128,000 after purchasing an additional 2,008,333 shares during the last quarter. Teza Capital Management LLC purchased a new stake in Synovus Financial during the 4th quarter worth approximately $1,042,000. Finally, Janus Capital Management grew its position in Synovus Financial by 62.4% during the 3rd quarter. Janus Capital Management now owns 133,200 shares of the bank’s stock worth $3,943,000 after purchasing an additional 51,200 shares during the last quarter. 77.81% of the stock is currently owned by hedge funds and other institutional investors.

ILLEGAL ACTIVITY NOTICE: “Barclays Raises Synovus Financial (SNV) Price Target to $53.00” was published by American Banking and Market News and is the sole property of of American Banking and Market News. If you are viewing this article on another publication, it was illegally copied and reposted in violation of US and international trademark and copyright law. The legal version of this article can be viewed at https://www.americanbankingnews.com/2018/01/02/barclays-raises-synovus-financial-snv-price-target-to-53-00.html.

About Synovus Financial

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.

Analyst Recommendations for Synovus Financial (NYSE:SNV)