Synovus Financial (NYSE:SNV) Price Target Raised to $65.00 at Barclays

Synovus Financial (NYSE:SNV) had its price objective hoisted by stock analysts at Barclays from $62.00 to $65.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Barclays‘s target price would suggest a potential upside of 41.35% from the stock’s current price.

Several other brokerages have also recently issued reports on SNV. UBS Group decreased their price objective on Synovus Financial from $53.00 to $49.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. Royal Bank Of Canada decreased their price target on Synovus Financial from $65.00 to $58.00 and set an “outperform” rating for the company in a report on Friday, October 17th. Truist Financial cut their target price on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a report on Friday, October 17th. Stephens lowered their price target on shares of Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Synovus Financial from $65.00 to $58.00 and set an “overweight” rating for the company in a report on Wednesday, October 1st. Eight equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, Synovus Financial currently has an average rating of “Hold” and a consensus target price of $58.56.

Synovus Financial Stock Performance

SNV traded up $0.49 during trading on Tuesday, reaching $45.99. 82,492 shares of the company’s stock were exchanged, compared to its average volume of 1,601,831. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.91 and a quick ratio of 0.91. Synovus Financial has a 1 year low of $35.94 and a 1 year high of $61.06. The company’s fifty day simple moving average is $48.05 and its 200-day simple moving average is $49.05. The stock has a market capitalization of $6.38 billion, a P/E ratio of 8.57, a price-to-earnings-growth ratio of 0.77 and a beta of 1.28.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.10. The firm had revenue of $612.79 million for the quarter, compared to analyst estimates of $604.59 million. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. The business’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.23 earnings per share. As a group, research analysts predict that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Insider Transactions at Synovus Financial

In other news, Director Gregory G. Montana acquired 1,000 shares of the business’s stock in a transaction on Monday, October 20th. The stock was bought at an average cost of $45.37 per share, for a total transaction of $45,370.00. Following the purchase, the director owned 5,464 shares in the company, valued at approximately $247,901.68. This represents a 22.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.00% of the company’s stock.

Institutional Trading of Synovus Financial

A number of institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC increased its position in shares of Synovus Financial by 7.1% during the second quarter. AQR Capital Management LLC now owns 3,059,102 shares of the bank’s stock worth $158,309,000 after purchasing an additional 201,880 shares in the last quarter. Norges Bank acquired a new stake in Synovus Financial during the 2nd quarter worth $89,347,000. Bank of New York Mellon Corp grew its holdings in shares of Synovus Financial by 0.6% during the second quarter. Bank of New York Mellon Corp now owns 1,586,599 shares of the bank’s stock worth $82,107,000 after buying an additional 8,759 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of Synovus Financial by 1.4% in the first quarter. T. Rowe Price Investment Management Inc. now owns 885,612 shares of the bank’s stock valued at $41,394,000 after buying an additional 12,036 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Synovus Financial by 6.0% in the second quarter. Invesco Ltd. now owns 870,081 shares of the bank’s stock worth $45,027,000 after buying an additional 49,299 shares in the last quarter. 83.85% of the stock is 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.