The Goldman Sachs Group Increases Synovus Financial (NYSE:SNV) Price Target to $62.00

Synovus Financial (NYSE:SNV - Get Free Report) had its price objective increased by equities researchers at The Goldman Sachs Group from $52.00 to $62.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the bank's stock. The Goldman Sachs Group's price target points to a potential upside of 7.01% from the stock's current price.

A number of other research analysts also recently commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Synovus Financial from $52.00 to $59.00 and gave the company an "overweight" rating in a research note on Friday, October 18th. Morgan Stanley lifted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an "equal weight" rating in a research note on Monday, October 21st. DA Davidson boosted their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, October 18th. Wells Fargo & Company downgraded shares of Synovus Financial from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $48.00 to $46.00 in a research report on Tuesday, October 1st. Finally, StockNews.com raised shares of Synovus Financial from a "sell" rating to a "hold" rating in a research report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $53.94.

Synovus Financial Stock Down 1.2 %

SNV traded down $0.73 during trading hours on Tuesday, reaching $57.94. 992,407 shares of the stock traded hands, compared to its average volume of 1,401,576. The firm's fifty day simple moving average is $49.34 and its two-hundred day simple moving average is $44.30. The company has a market cap of $8.21 billion, a price-to-earnings ratio of 26.23, a PEG ratio of 2.08 and a beta of 1.37. Synovus Financial has a fifty-two week low of $29.34 and a fifty-two week high of $59.92. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating 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 analyst estimates of $557.64 million. During the same period last year, the business earned $0.84 EPS. The business's revenue was up 2.6% on a year-over-year basis. As a group, analysts forecast that Synovus Financial will post 4.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds have recently made changes to their positions in SNV. Wellington Management Group LLP raised its stake in shares of Synovus Financial by 12.8% in 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 in the last quarter. Millennium Management LLC grew its holdings in shares of Synovus Financial by 181.0% in the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank's stock worth $52,343,000 after purchasing an additional 838,932 shares during the last quarter. FMR LLC grew its holdings in Synovus Financial by 5.4% during the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank's stock worth $517,027,000 after acquiring an additional 598,644 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings 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 acquiring an additional 491,036 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. bought a new stake in Synovus Financial during the 2nd quarter worth about $19,434,000. Institutional investors and hedge funds own 83.85% of the company's stock.

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.