Synovus Financial (NYSE:SNV – Get Free Report) had its target price increased by equities researchers at Morgan Stanley from $51.00 to $55.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s price objective would suggest a potential upside of 12.04% from the stock’s previous close.
A number of other research analysts have also recently issued reports on the company. DA Davidson lifted their target price on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Barclays boosted their price target on Synovus Financial from $49.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Piper Sandler lifted their target price on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Keefe, Bruyette & Woods increased their price target on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a research note on Tuesday, July 9th. Finally, Citigroup set a $59.00 price objective on Synovus Financial in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.88.
View Our Latest Analysis on Synovus Financial
Synovus Financial Trading Up 0.5 %
Synovus Financial (NYSE:SNV – Get Free Report) last posted 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 business had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. Synovus Financial’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.84 earnings per share. On average, research analysts predict that Synovus Financial will post 4.04 earnings per share for the current fiscal year.
Institutional Trading of Synovus Financial
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new stake in Synovus Financial in the third quarter valued at approximately $30,000. UMB Bank n.a. increased its stake in Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after purchasing an additional 348 shares in the last quarter. Innealta Capital LLC acquired a new position in Synovus Financial during the second quarter worth $43,000. Abich Financial Wealth Management LLC lifted its stake in shares of Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after buying an additional 371 shares in the last quarter. Finally, Fidelis Capital Partners LLC acquired a new position in Synovus Financial during the 1st quarter valued at about $51,000. 83.85% of the stock is owned by institutional investors.
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.
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