Synovus Financial (NYSE:SNV) Given New $64.00 Price Target at Barclays

Synovus Financial (NYSE:SNV) had its target price increased by Barclays from $56.00 to $64.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Barclays‘s price target indicates a potential upside of 12.44% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on the stock. Bank of America upped their price target on shares of Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a report on Friday, October 18th. Wells Fargo & Company lowered Synovus Financial from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $48.00 to $46.00 in a research note on Tuesday, October 1st. Stephens increased their price objective on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a research report on Tuesday, September 17th. Finally, Morgan Stanley upped 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 report on Monday, October 21st. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Synovus Financial has a consensus rating of “Moderate Buy” and a consensus price target of $52.71.

Synovus Financial Price Performance

Shares of SNV traded up $0.70 during mid-day trading on Friday, reaching $56.92. 286,496 shares of the company’s stock were exchanged, compared to its average volume of 1,415,689. The company has a market cap of $8.06 billion, a price-to-earnings ratio of 25.66, a PEG ratio of 2.11 and a beta of 1.37. Synovus Financial has a 52-week low of $26.76 and a 52-week high of $58.66. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The company has a 50-day simple moving average of $46.34 and a two-hundred day simple moving average of $42.58.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data 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 return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. During the same quarter last year, the firm earned $0.84 EPS. Synovus Financial’s quarterly revenue was up 2.6% on a year-over-year basis. On average, sell-side analysts predict that Synovus Financial will post 4.36 EPS for the current fiscal year.

Institutional Trading of Synovus Financial

Hedge funds have recently made changes to their positions in the business. &PARTNERS acquired a new stake in Synovus Financial during the 2nd quarter worth approximately $284,000. Texas Permanent School Fund Corp lifted its holdings in Synovus Financial by 19.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock valued at $6,150,000 after purchasing an additional 25,028 shares in the last quarter. Private Capital Management LLC boosted its position in Synovus Financial by 6.2% during the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock worth $14,644,000 after acquiring an additional 21,456 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its stake in Synovus Financial by 92.0% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock valued at $1,852,000 after purchasing an additional 22,621 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Synovus Financial by 81.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 230,856 shares of the bank’s stock worth $9,249,000 after acquiring an additional 103,891 shares during the period. Institutional investors and hedge funds 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.