JPMorgan Chase & Co. Raises Synovus Financial (NYSE:SNV) Price Target to $59.00

Synovus Financial (NYSE:SNV) had its price target upped by JPMorgan Chase & Co. from $52.00 to $59.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 16.72% from the stock’s previous close.

Several other brokerages also recently issued reports on SNV. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a report on Tuesday, September 17th. Stephens upped their price objective on shares of Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. Jefferies Financial Group upped their price objective on shares of Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Barclays upped their price objective on shares of Synovus Financial from $49.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Evercore ISI dropped their price target on shares of Synovus Financial from $50.00 to $48.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 2nd. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.35.

Synovus Financial Stock Performance

Shares of SNV opened at $50.55 on Friday. 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 price-to-earnings ratio of 17.31, a price-to-earnings-growth ratio of 2.18 and a beta of 1.38. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The firm has a fifty day moving average of $44.49 and a 200-day moving average of $41.31.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. During the same quarter in the previous year, the company posted $0.84 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities analysts anticipate that Synovus Financial will post 4 earnings per share for the current year.

Insider Activity at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the business’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 completion of the sale, the executive vice president now owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Synovus Financial

Large investors have recently added to or reduced their stakes in the stock. Nordea Investment Management AB boosted its position in Synovus Financial by 24.5% during the first quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock worth $13,233,000 after purchasing an additional 64,621 shares during the period. &PARTNERS bought a new stake in shares of Synovus Financial in the second quarter valued at approximately $284,000. Texas Permanent School Fund Corp boosted its position in shares of Synovus Financial by 19.6% in the second quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock valued at $6,150,000 after acquiring an additional 25,028 shares during the period. Private Capital Management LLC boosted its position 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 acquiring an additional 21,456 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Synovus Financial by 92.0% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock valued at $1,852,000 after acquiring an additional 22,621 shares during the period. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Company Profile

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.