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

Synovus Financial (NYSE:SNV) had its target price increased by equities researchers at JPMorgan Chase & Co. from $58.00 to $65.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 23.30% from the stock’s previous close.

A number of other research firms also recently issued reports on SNV. Royal Bank Of Canada dropped their price objective on shares of Synovus Financial from $65.00 to $58.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. Weiss Ratings cut shares of Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. Barclays upped their price objective on Synovus Financial from $62.00 to $65.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 11th. Truist Financial lowered their target price on Synovus Financial from $56.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, October 17th. Finally, Stephens reduced their price target on Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating for the company in a research report on Friday, October 17th. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $58.00.

Synovus Financial Price Performance

Shares of SNV opened at $52.72 on Tuesday. The firm has a market cap of $7.32 billion, a PE ratio of 9.84, a P/E/G ratio of 0.92 and a beta of 1.21. Synovus Financial has a 1-year low of $35.94 and a 1-year high of $61.06. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.57. The firm has a fifty day simple moving average of $47.33 and a two-hundred day simple moving average of $49.45.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.10. The company had revenue of $612.79 million during the quarter, compared to analysts’ expectations of $604.59 million. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.Synovus Financial’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.23 earnings per share. On average, equities analysts anticipate that Synovus Financial will post 4.89 EPS for the current year.

Insider Transactions at Synovus Financial

In related news, Director Gregory G. Montana purchased 1,000 shares of Synovus Financial stock in a transaction on Monday, October 20th. The shares were bought at an average cost of $45.37 per share, for a total transaction of $45,370.00. Following the acquisition, the director owned 5,464 shares in the company, valued at approximately $247,901.68. The trade was a 22.40% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Synovus Financial

Hedge funds have recently made changes to their positions in the business. Pzena Investment Management LLC increased its position in Synovus Financial by 1.7% during the 2nd quarter. Pzena Investment Management LLC now owns 680,368 shares of the bank’s stock valued at $35,209,000 after purchasing an additional 11,521 shares during the period. Bank of Montreal Can boosted its stake in shares of Synovus Financial by 17.4% during the second quarter. Bank of Montreal Can now owns 57,373 shares of the bank’s stock valued at $2,969,000 after purchasing an additional 8,509 shares in the last quarter. Raymond James Financial Inc. increased its holdings in Synovus Financial by 12.0% during the first quarter. Raymond James Financial Inc. now owns 146,153 shares of the bank’s stock valued at $6,831,000 after buying an additional 15,629 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in Synovus Financial in the first quarter worth approximately $668,000. Finally, Invesco Ltd. lifted its holdings in Synovus Financial by 201.0% during the first quarter. Invesco Ltd. now owns 820,782 shares of the bank’s stock worth $38,363,000 after buying an additional 548,092 shares during the period. 83.85% of the stock is currently 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.