Synovus Financial (NYSE:SNV) Price Target Raised to $64.00

Synovus Financial (NYSE:SNV - Get Free Report) had its target price hoisted by equities researchers at Barclays from $56.00 to $64.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the bank's stock. Barclays's target price indicates a potential upside of 12.68% from the stock's current price.

SNV has been the topic of several other research reports. Truist Financial increased their price target on Synovus Financial from $52.00 to $57.00 and gave the stock a "buy" rating in a report on Monday, October 21st. Morgan Stanley lifted their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a research report on Monday, October 21st. Citigroup set a $59.00 price objective on shares of Synovus Financial in a report on Friday, October 18th. Wells Fargo & Company cut shares of Synovus Financial from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $48.00 to $46.00 in a report on Tuesday, October 1st. Finally, Raymond James raised shares of Synovus Financial from a "market perform" rating to an "outperform" rating and set a $49.00 price target on the stock in a research report on Tuesday, September 17th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $52.71.

Synovus Financial Trading Up 1.0 %

SNV stock traded up $0.58 during mid-day trading on Friday, reaching $56.80. The company's stock had a trading volume of 955,524 shares, compared to its average volume of 1,418,772. Synovus Financial has a 12 month low of $26.76 and a 12 month high of $58.66. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The business's 50 day moving average price is $46.56 and its 200 day moving average price is $42.73. The company has a market cap of $8.05 billion, a price-to-earnings ratio of 25.71, a price-to-earnings-growth ratio of 2.11 and a beta of 1.37.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business had revenue of $564.72 million during the quarter, compared to analysts' expectations of $557.64 million. During the same period last year, the company posted $0.84 earnings per share. The business's quarterly revenue was up 2.6% on a year-over-year basis. On average, equities research analysts predict that Synovus Financial will post 4.36 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SNV. V Square Quantitative Management LLC purchased a new stake in Synovus Financial during the third quarter valued at about $30,000. UMB Bank n.a. lifted its stake in shares of Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank's stock valued at $33,000 after buying an additional 348 shares in the last quarter. Innealta Capital LLC bought a new position in Synovus Financial in the 2nd quarter worth approximately $43,000. Abich Financial Wealth Management LLC grew its stake 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 buying an additional 371 shares in the last quarter. Finally, Headlands Technologies LLC grew its stake in Synovus Financial by 404.8% in the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank's stock valued at $55,000 after buying an additional 1,105 shares in the last quarter. Hedge funds and other 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.