Synovus Financial (NYSE:SNV) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Synovus Financial (NYSE:SNV) had its price objective raised by equities researchers at The Goldman Sachs Group from $52.00 to $62.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the bank’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 7.92% from the company’s previous close.

A number of other research firms have also weighed in on SNV. StockNews.com upgraded shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Bank of America increased their price objective on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Royal Bank of Canada lifted their target price on Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Truist Financial raised their price objective on Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, JPMorgan Chase & Co. upped their target price on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.94.

Synovus Financial Stock Down 0.9 %

Synovus Financial stock opened at $57.45 on Tuesday. 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 market capitalization of $8.14 billion, a PE ratio of 26.17, a PEG ratio of 2.12 and a beta of 1.37. The firm’s fifty day moving average is $49.60 and its 200 day moving average is $44.42. Synovus Financial has a 12-month low of $29.48 and a 12-month high of $59.92.

Synovus Financial (NYSE:SNV) last issued its 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. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. During the same period in the previous year, the company posted $0.84 EPS. The firm’s revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts predict that Synovus Financial will post 4.37 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new position in Synovus Financial during the third quarter worth about $30,000. UMB Bank n.a. increased its position in shares of Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after purchasing an additional 348 shares during the last quarter. Quarry LP purchased a new stake in Synovus Financial in the third quarter valued at approximately $41,000. Innealta Capital LLC bought a new stake in Synovus Financial during the second quarter valued at approximately $43,000. Finally, Abich Financial Wealth Management LLC grew its stake in Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after buying an additional 371 shares in the last quarter. 83.85% of the stock is owned by institutional investors.

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.