Synovus Financial (NYSE:SNV) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Synovus Financial (NYSE:SNV) had its price target increased by JPMorgan Chase & Co. from $60.50 to $62.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 13.16% from the stock’s current price.

Other equities research analysts have also issued reports about the company. Evercore ISI lifted their price objective on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. Truist Financial boosted their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $64.00 target price on shares of Synovus Financial in a research report on Thursday, December 12th. Barclays boosted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Finally, Stephens reaffirmed an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a research report on Thursday. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $58.28.

Synovus Financial Trading Up 1.0 %

NYSE:SNV opened at $54.79 on Friday. The firm has a market capitalization of $7.76 billion, a P/E ratio of 24.76, a P/E/G ratio of 1.31 and a beta of 1.39. Synovus Financial has a 52 week low of $33.44 and a 52 week high of $59.92. 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 fifty day moving average of $54.27 and a 200 day moving average of $48.20.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. During the same period in the prior year, the business posted $0.80 earnings per share. Synovus Financial’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, research analysts predict that Synovus Financial will post 4.39 earnings per share for the current year.

Institutional Investors Weigh In On Synovus Financial

Institutional investors have recently modified their holdings of the business. Vanguard Personalized Indexing Management LLC raised its position in Synovus Financial by 8.9% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 20,847 shares of the bank’s stock worth $838,000 after buying an additional 1,706 shares during the last quarter. Blair William & Co. IL bought a new stake in shares of Synovus Financial in the second quarter worth approximately $236,000. Hsbc Holdings PLC raised its holdings in shares of Synovus Financial by 27.4% during the second quarter. Hsbc Holdings PLC now owns 12,018 shares of the bank’s stock valued at $480,000 after purchasing an additional 2,586 shares during the last quarter. Intech Investment Management LLC bought a new position in Synovus Financial during the second quarter valued at approximately $1,751,000. Finally, AE Wealth Management LLC bought a new position in Synovus Financial during the second quarter valued at approximately $510,000. 83.85% of the stock is owned by hedge funds and other 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.