Evercore ISI Issues Positive Forecast for Synovus Financial (NYSE:SNV) Stock Price

Synovus Financial (NYSE:SNV) had its price objective boosted by investment analysts at Evercore ISI from $48.00 to $54.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an “in-line” rating on the bank’s stock. Evercore ISI’s price objective would indicate a potential upside of 8.28% from the company’s current price.

SNV has been the topic of several other reports. Piper Sandler raised their target price on Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Barclays lifted their price objective on shares of Synovus Financial from $49.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Truist Financial upped their target price on shares of Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Wells Fargo & Company downgraded shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $48.00 to $46.00 in a research note on Tuesday, October 1st. Finally, StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $52.24.

Synovus Financial Price Performance

SNV opened at $49.87 on Wednesday. Synovus Financial has a 52-week low of $25.52 and a 52-week high of $51.69. The company has a 50 day moving average of $45.55 and a two-hundred day moving average of $41.95. The company has a market cap of $7.18 billion, a P/E ratio of 22.57, a P/E/G ratio of 1.83 and a beta of 1.38. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same period in the prior year, the company earned $0.84 EPS. The firm’s revenue was up 2.6% on a year-over-year basis. On average, analysts expect that Synovus Financial will post 4.34 earnings per share for the current year.

Hedge Funds Weigh In On Synovus Financial

Hedge funds have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC acquired a new stake in shares of Synovus Financial during the third quarter worth $30,000. UMB Bank n.a. raised its stake in Synovus Financial by 87.2% during the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after acquiring an additional 348 shares during the period. Innealta Capital LLC bought a new position in Synovus Financial in the second quarter worth about $43,000. Abich Financial Wealth Management LLC lifted its holdings in Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after acquiring an additional 371 shares during the last quarter. Finally, Fidelis Capital Partners LLC acquired a new position in Synovus Financial in the first quarter valued at approximately $51,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

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.