Synovus Financial (NYSE:SNV) Earns Buy Rating from Analysts at UBS Group

Investment analysts at UBS Group initiated coverage on shares of Synovus Financial (NYSE:SNV - Get Free Report) in a research note issued on Tuesday, Marketbeat.com reports. The firm set a "buy" rating and a $76.00 price target on the bank's stock. UBS Group's price objective would suggest a potential upside of 42.43% from the stock's current price.

Several other analysts have also recently commented on the stock. Wells Fargo & Company raised their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 3rd. Piper Sandler lifted their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an "overweight" rating in a report on Wednesday, December 11th. Morgan Stanley raised their price target on Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a report on Monday, October 21st. StockNews.com raised Synovus Financial from a "sell" rating to a "hold" rating in a report on Friday, October 18th. Finally, Truist Financial raised their target price on Synovus Financial from $52.00 to $57.00 and gave the company a "buy" rating in a report on Monday, October 21st. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.78.

Synovus Financial Stock Performance

Shares of NYSE:SNV traded down $1.39 on Tuesday, reaching $53.36. The company's stock had a trading volume of 1,399,043 shares, compared to its average volume of 1,392,448. The stock's 50-day moving average is $52.94 and its two-hundred day moving average is $46.04. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The stock has a market capitalization of $7.56 billion, a P/E ratio of 24.35, a PEG ratio of 1.58 and a beta of 1.38. Synovus Financial has a 52-week low of $33.44 and a 52-week high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business had revenue of $564.72 million during the quarter, compared to analysts' expectations of $557.64 million. During the same quarter in the prior year, the business earned $0.84 earnings per share. The company's quarterly revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Synovus Financial will post 4.37 EPS for the current year.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP grew its stake in shares of Synovus Financial by 12.8% during the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank's stock valued at $430,213,000 after buying an additional 1,095,557 shares during the period. Millennium Management LLC boosted its holdings in Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank's stock valued at $52,343,000 after acquiring an additional 838,932 shares during the last quarter. FMR LLC grew its position in Synovus Financial by 5.4% during the third quarter. FMR LLC now owns 11,626,424 shares of the bank's stock valued at $517,027,000 after acquiring an additional 598,644 shares during the period. Dimensional Fund Advisors LP increased its position in Synovus Financial by 9.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank's stock worth $231,597,000 after purchasing an additional 491,036 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. purchased a new position in Synovus Financial in the second quarter valued at approximately $19,434,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

About Synovus Financial

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.