Synovus Financial (NYSE:SNV) Price Target Increased to $57.00 by Analysts at Bank of America

Synovus Financial (NYSE:SNV) had its price objective lifted by stock analysts at Bank of America from $48.00 to $57.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Bank of America‘s price objective would indicate a potential upside of 12.03% from the stock’s previous close.

A number of other research analysts have also weighed in on SNV. Evercore ISI cut their price target on shares of Synovus Financial from $50.00 to $48.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 2nd. Morgan Stanley upped their target price on shares of Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. lifted their price target on Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research note on Friday. Stephens upped their price objective on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Truist Financial lifted their target price on Synovus Financial from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, September 20th. One investment 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 data from MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

Synovus Financial Trading Up 0.1 %

Shares of NYSE:SNV traded up $0.03 during mid-day trading on Friday, reaching $50.88. The stock had a trading volume of 741,841 shares, compared to its average volume of 1,401,752. The firm has a market cap of $7.45 billion, a PE ratio of 17.45, a price-to-earnings-growth ratio of 2.18 and a beta of 1.38. The firm has a 50 day simple moving average of $44.31 and a two-hundred day simple moving average of $41.21. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $51.69.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping 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 company had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. During the same period in the prior year, the company earned $0.84 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, research analysts predict that Synovus Financial will post 4 EPS for the current fiscal year.

Insider Activity at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the transaction, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at $685,284.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Synovus Financial

Hedge funds have recently bought and sold shares of the stock. Millennium Management LLC grew its position in shares of 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 purchasing an additional 838,932 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Synovus Financial by 9.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after buying an additional 491,036 shares in the last quarter. Diamond Hill Capital Management Inc. bought a new position in Synovus Financial during the 2nd quarter worth $19,434,000. Interval Partners LP lifted its holdings in shares of Synovus Financial by 74.2% during the first quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock worth $15,570,000 after buying an additional 165,548 shares in the last quarter. Finally, Wedge Capital Management L L P NC boosted its position in shares of Synovus Financial by 14.9% in the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock valued at $46,025,000 after acquiring an additional 148,842 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.