Synovus Financial (NYSE:SNV) Given New $57.00 Price Target at Bank of America

Synovus Financial (NYSE:SNV) had its price objective lifted by equities research analysts at Bank of America from $48.00 to $57.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. Bank of America‘s price objective points to a potential upside of 12.76% from the company’s current price.

A number of other research firms also recently issued reports on SNV. Citigroup started coverage on Synovus Financial in a research report on Thursday, October 10th. They issued a “buy” rating and a $53.00 target price on the stock. Stephens boosted their price target on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Friday. Evercore ISI cut their price objective on Synovus Financial from $50.00 to $48.00 and set an “in-line” rating for the company in a report on Wednesday, October 2nd. Piper Sandler boosted their target price on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Finally, Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a research note on Tuesday, September 17th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.35.

Synovus Financial Trading Down 0.6 %

NYSE SNV opened at $50.55 on Friday. Synovus Financial has a 52 week low of $24.40 and a 52 week 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 stock’s 50 day moving average price is $44.49 and its two-hundred day moving average price is $41.31. The stock has a market capitalization of $7.40 billion, a price-to-earnings ratio of 17.31, a PEG ratio of 2.18 and a beta of 1.38.

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

Insider Buying and Selling

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the company’s stock in a transaction 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 directly owns 14,833 shares of the company’s stock, valued at $685,284.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC boosted its holdings in Synovus Financial by 22.4% in the 1st quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock valued at $120,000 after purchasing an additional 548 shares during the period. Mather Group LLC. bought a new stake in shares of Synovus Financial in the first quarter valued at approximately $144,000. Cooper Financial Group acquired a new stake in Synovus Financial during the first quarter worth approximately $203,000. Asio Capital LLC increased its stake in Synovus Financial by 1.1% during the 1st quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock worth $5,141,000 after acquiring an additional 1,428 shares during the period. Finally, State of Michigan Retirement System raised its holdings in Synovus Financial by 2.3% in the 1st quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock valued at $1,438,000 after acquiring an additional 800 shares in the last quarter. 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.