Synovus Financial (NYSE:SNV) Coverage Initiated at Deutsche Bank Aktiengesellschaft

Equities research analysts at Deutsche Bank Aktiengesellschaft initiated coverage on shares of Synovus Financial (NYSE:SNV) in a research report issued on Monday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $64.00 price target on the bank’s stock. Deutsche Bank Aktiengesellschaft’s price target indicates a potential upside of 15.99% from the stock’s current price.

SNV has been the subject of several other research reports. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a research report on Tuesday, September 17th. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Barclays upped their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Truist Financial raised their price target on shares of Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a report on Monday, October 21st. Finally, Stephens increased their price objective on Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $55.00.

Synovus Financial Stock Up 0.6 %

SNV opened at $55.18 on Monday. The firm has a market cap of $7.82 billion, a price-to-earnings ratio of 24.97, a PEG ratio of 2.01 and a beta of 1.38. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. The firm’s 50-day simple moving average is $52.00 and its 200-day simple moving average is $45.59. Synovus Financial has a twelve month low of $33.44 and a twelve month high of $59.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. During the same period in the prior year, the firm earned $0.84 earnings per share. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. Equities research analysts anticipate that Synovus Financial will post 4.37 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new position in shares of Synovus Financial during the 2nd quarter valued at about $374,000. Wedge Capital Management L L P NC raised its holdings in Synovus Financial by 14.9% during the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after buying an additional 148,842 shares during the period. Welch Group LLC lifted its stake in Synovus Financial by 30.0% in the second quarter. Welch Group LLC now owns 77,980 shares of the bank’s stock valued at $3,134,000 after buying an additional 18,011 shares in the last quarter. Private Capital Management LLC boosted its holdings in shares of Synovus Financial by 6.2% in the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock valued at $14,644,000 after buying an additional 21,456 shares during the period. Finally, Blue Trust Inc. increased its position in shares of Synovus Financial by 102.9% during the second quarter. Blue Trust Inc. now owns 12,992 shares of the bank’s stock worth $520,000 after acquiring an additional 6,588 shares in the last quarter. 83.85% of the stock is currently 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.