Bank of America Boosts Synovus Financial (NYSE:SNV) Price Target to $57.00

Synovus Financial (NYSE:SNV - Get Free Report) had its price target raised by investment analysts at Bank of America from $48.00 to $57.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a "buy" rating on the bank's stock. Bank of America's price target would suggest a potential upside of 12.76% from the stock's current price.

SNV has been the topic of several other reports. Royal Bank of Canada upped their price objective on Synovus Financial from $49.00 to $57.00 and gave the company an "outperform" rating in a research report on Friday. Keefe, Bruyette & Woods upped their price target on Synovus Financial from $38.00 to $42.00 and gave the stock a "market perform" rating in a research note on Tuesday, July 9th. Stephens increased their target price on Synovus Financial from $46.00 to $52.00 and gave the company an "equal weight" rating in a research note on Friday. Jefferies Financial Group increased their target price on Synovus Financial from $44.00 to $47.00 and gave the company a "buy" rating in a research note on Wednesday, July 3rd. Finally, Piper Sandler increased their target price on Synovus Financial from $42.00 to $53.00 and gave the company an "overweight" rating in a research note on Friday, July 19th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $51.35.

Synovus Financial Price Performance

SNV traded down $0.30 during trading on Friday, reaching $50.55. 1,794,508 shares of the stock were exchanged, compared to its average volume of 1,407,239. The business's 50 day moving average price is $44.49 and its two-hundred day moving average price is $41.29. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. The company has a market capitalization of $7.40 billion, a price-to-earnings ratio of 17.31, a P/E/G ratio of 2.18 and a beta of 1.38. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $51.69.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The business had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. During the same period in the prior year, the business earned $0.84 earnings per share. The business's revenue was up 2.6% on a year-over-year basis. As a group, equities research analysts anticipate that Synovus Financial will post 4 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Thomas T. Dierdorff sold 614 shares of the firm's stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the sale, the executive vice president now owns 14,833 shares of the company's stock, valued at approximately $685,284.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.81% of the company's stock.

Institutional Trading of Synovus Financial

Several hedge funds have recently made changes to their positions in the stock. V Square Quantitative Management LLC acquired a new stake in Synovus Financial in the 3rd quarter valued at approximately $30,000. UMB Bank n.a. increased its position in Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank's stock valued at $33,000 after acquiring an additional 348 shares during the period. Innealta Capital LLC acquired a new stake in Synovus Financial in the 2nd quarter valued at approximately $43,000. Abich Financial Wealth Management LLC increased its position in Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank's stock valued at $49,000 after acquiring an additional 371 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new stake in Synovus Financial in the 1st quarter valued at approximately $51,000. Institutional investors own 83.85% of the company's stock.

Synovus Financial Company Profile

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company's commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.