Synovus Financial (NYSE:SNV) Price Target Increased to $56.00 by Analysts at Barclays

by · The Markets Daily

Synovus Financial (NYSE:SNV – Get Free Report) had its price objective hoisted by research analysts at Barclays from $49.00 to $56.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Barclays‘s target price points to a potential upside of 10.41% from the company’s previous close.

Several other research analysts also recently issued reports on the company. Royal Bank of Canada upped their price objective on Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research note on Friday. DA Davidson upped their price target on shares of Synovus Financial from $47.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Truist Financial lifted their price target 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. Citigroup started coverage on Synovus Financial in a report on Thursday, October 10th. They issued a “buy” rating and a $53.00 price objective for the company. Finally, Keefe, Bruyette & Woods lifted their target price on Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.94.

Read Our Latest Stock Analysis on SNV

Synovus Financial Price Performance

SNV stock traded down $0.13 during trading on Friday, reaching $50.72. 267,044 shares of the company were exchanged, compared to its average volume of 1,399,429. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $51.69. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. The company has a market capitalization of $7.43 billion, a price-to-earnings ratio of 17.37, a P/E/G ratio of 2.18 and a beta of 1.38. The company has a 50-day moving average of $44.31 and a two-hundred day moving average of $41.21.

Synovus Financial (NYSE:SNV – Get Free Report) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The company had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. Synovus Financial’s revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.84 EPS. As a group, equities analysts predict that Synovus Financial will post 4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the transaction, the executive vice president now owns 14,833 shares of the company’s stock, valued at $685,284.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its position in shares of Synovus Financial by 6.5% during the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after purchasing an additional 229 shares during the period. Fifth Third Bancorp lifted its stake in shares of Synovus Financial by 7.0% in the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock valued at $151,000 after buying an additional 245 shares in the last quarter. Dana Investment Advisors Inc. lifted its stake in shares of Synovus Financial by 0.7% in the second quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock valued at $1,437,000 after buying an additional 254 shares in the last quarter. Pitcairn Co. grew its holdings in shares of Synovus Financial by 2.3% during the first quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock valued at $462,000 after buying an additional 261 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of Synovus Financial by 18.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after acquiring an additional 298 shares in the last quarter. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Company Profile

(Get Free Report)

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.

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