Barclays Increases Synovus Financial (NYSE:SNV) Price Target to $56.00

Synovus Financial (NYSE:SNV) had its price target increased by stock analysts at Barclays from $49.00 to $56.00 in a report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Barclays‘s target price indicates a potential upside of 10.78% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Morgan Stanley increased their price target on Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. 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 note on Tuesday, September 17th. Stephens raised their price objective on Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, July 19th. Royal Bank of Canada raised their price objective on Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Wells Fargo & Company cut Synovus Financial from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $48.00 to $46.00 in a research note on Tuesday, October 1st. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Synovus Financial currently has an average rating of “Moderate Buy” and a consensus price target of $51.35.

Synovus Financial Price Performance

Shares of SNV stock opened at $50.55 on Friday. The stock’s 50-day moving average is $44.49 and its 200 day moving average is $41.31. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $51.69. The company has a market cap of $7.40 billion, a P/E ratio of 17.31, a PEG ratio of 2.18 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last released 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. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same period last year, the business posted $0.84 earnings per share. The firm’s revenue was up 2.6% compared to the same quarter last year. Research analysts predict that Synovus Financial will post 4 earnings per share for the current fiscal year.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial 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 value of $28,366.80. Following the sale, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.81% of the stock is owned by corporate insiders.

Institutional Trading of Synovus Financial

Institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its stake in shares of Synovus Financial by 6.5% in the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after acquiring an additional 229 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of Synovus Financial by 7.0% in the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after acquiring an additional 245 shares during the last quarter. Dana Investment Advisors Inc. boosted its stake in shares of Synovus Financial by 0.7% in the second quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock worth $1,437,000 after acquiring an additional 254 shares during the last quarter. Pitcairn Co. boosted its stake in shares of Synovus Financial by 2.3% in the first quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock worth $462,000 after acquiring an additional 261 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Synovus Financial by 18.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after acquiring an additional 298 shares during the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

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.