Synovus Financial (NYSE:SNV) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Synovus Financial (NYSE:SNV) had its target price lifted by research analysts at Wells Fargo & Company from $51.00 to $55.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s target price indicates a potential downside of 1.20% from the company’s current price.

SNV has been the topic of a number of other research reports. Morgan Stanley increased their target price on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Barclays lifted their price target on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. lifted their price target on Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Truist Financial boosted their price objective on Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Finally, StockNews.com upgraded Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.47.

Synovus Financial Price Performance

SNV opened at $55.67 on Tuesday. The stock has a fifty day simple moving average of $50.82 and a two-hundred day simple moving average of $45.02. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The company has a market cap of $7.89 billion, a price-to-earnings ratio of 25.34, a price-to-earnings-growth ratio of 2.04 and a beta of 1.38. Synovus Financial has a 12-month low of $32.98 and a 12-month high of $59.92.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (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 the consensus estimate of $557.64 million. During the same period in the previous year, the company posted $0.84 EPS. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. Research analysts predict that Synovus Financial will post 4.37 earnings per share for the current fiscal year.

Institutional Trading of Synovus Financial

Several hedge funds have recently modified their holdings of the company. &PARTNERS bought a new stake in Synovus Financial in the 2nd quarter valued at $284,000. Texas Permanent School Fund Corp boosted its holdings in Synovus Financial by 19.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock valued at $6,150,000 after purchasing an additional 25,028 shares during the period. Private Capital Management LLC lifted its holdings in shares of Synovus Financial by 6.2% during the 1st quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock worth $14,644,000 after acquiring an additional 21,456 shares during the period. Thrivent Financial for Lutherans lifted its holdings in shares of Synovus Financial by 7.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock worth $6,525,000 after acquiring an additional 10,346 shares during the period. Finally, Wedge Capital Management L L P NC lifted its stake in Synovus Financial by 14.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock valued at $46,025,000 after purchasing an additional 148,842 shares during the last quarter. 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.