Synovus Financial (NYSE:SNV) Price Target Increased to $59.00 by Analysts at JPMorgan Chase & Co.

Synovus Financial (NYSE:SNV) had its target price hoisted by analysts at JPMorgan Chase & Co. from $52.00 to $59.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 15.78% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. Barclays increased their price objective on shares of Synovus Financial from $49.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday. Truist Financial upped their price objective on shares of Synovus Financial from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, September 20th. DA Davidson lifted their price objective on shares of Synovus Financial from $47.00 to $55.00 and gave the company a “buy” rating in a report on Friday, July 19th. 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 report on Monday, August 5th. Finally, Keefe, Bruyette & Woods increased their price objective on Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $49.35.

Synovus Financial Price Performance

Shares of SNV traded up $0.11 during trading hours on Friday, reaching $50.96. The stock had a trading volume of 459,117 shares, compared to its average volume of 1,400,337. The stock has a market capitalization of $7.46 billion, a PE ratio of 17.37, a PEG ratio of 2.18 and a beta of 1.38. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $51.69. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The company’s 50-day moving average is $44.31 and its two-hundred day moving average is $41.21.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The business had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. During the same quarter last year, the business earned $0.84 EPS. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. Research analysts expect that Synovus Financial will post 4 EPS for the current year.

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the transaction, the executive vice president now owns 14,833 shares in the company, valued at approximately $685,284.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SNV. GAMMA Investing LLC increased its stake in shares of Synovus Financial by 22.4% in the first quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock worth $120,000 after purchasing an additional 548 shares in the last quarter. Mather Group LLC. bought a new stake in shares of Synovus Financial during the 1st quarter valued at $144,000. Cooper Financial Group purchased a new stake in Synovus Financial during the 1st quarter worth about $203,000. Asio Capital LLC boosted its stake in Synovus Financial by 1.1% in the 1st quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock worth $5,141,000 after purchasing an additional 1,428 shares during the period. Finally, State of Michigan Retirement System grew its holdings in Synovus Financial by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock valued at $1,438,000 after buying an additional 800 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.