Synovus Financial (NYSE:SNV) PT Raised to $52.00

Synovus Financial (NYSE:SNV) had its price objective increased by investment analysts at Truist Financial from $50.00 to $52.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Truist Financial’s price objective points to a potential upside of 15.35% from the stock’s current price.

A number of other equities analysts have also commented on SNV. Wells Fargo & Company increased their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Keefe, Bruyette & Woods increased their target price 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. JPMorgan Chase & Co. lifted their price target on Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Piper Sandler increased their price objective on Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Finally, Stephens boosted their target price on Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $46.81.

Synovus Financial Price Performance

NYSE SNV traded down $0.50 on Friday, hitting $45.08. The stock had a trading volume of 397,726 shares, compared to its average volume of 1,381,794. The firm has a 50-day moving average of $44.26 and a 200-day moving average of $40.43. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $47.83. The company has a market capitalization of $6.60 billion, a price-to-earnings ratio of 15.44, a price-to-earnings-growth ratio of 3.50 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company had revenue of $563.60 million for the quarter, compared to the consensus estimate of $543.52 million. During the same quarter last year, the business posted $1.16 earnings per share. The firm’s revenue was down .7% compared to the same quarter last year. Equities analysts expect that Synovus Financial will post 4.05 EPS for the current year.

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the transaction, the executive vice president now owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

Several institutional investors have recently bought and sold shares of the company. Fifth Third Bancorp increased its position in Synovus Financial by 7.0% during the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock valued at $151,000 after acquiring an additional 245 shares during the last quarter. Dana Investment Advisors Inc. increased its position in shares of Synovus Financial by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock valued at $1,437,000 after purchasing an additional 254 shares during the last quarter. Pitcairn Co. lifted its stake in shares of Synovus Financial by 2.3% in the 1st quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock worth $462,000 after purchasing an additional 261 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Synovus Financial by 18.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after purchasing an additional 298 shares during the period. Finally, Hanseatic Management Services Inc. grew its position in Synovus Financial by 2.6% during the second quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank’s stock valued at $478,000 after buying an additional 303 shares during the period. 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.