Barclays Boosts Synovus Financial (NYSE:SNV) Price Target to $64.00

Synovus Financial (NYSE:SNV) had its price objective boosted by stock analysts at Barclays from $56.00 to $64.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Barclays‘s target price suggests a potential upside of 12.68% from the company’s previous close.

A number of other research firms also recently issued reports on SNV. Royal Bank of Canada increased their target price on shares of Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Piper Sandler increased their price objective on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Morgan Stanley lifted their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Stephens raised 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. Finally, StockNews.com upgraded Synovus Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.71.

Synovus Financial Stock Performance

NYSE:SNV opened at $56.80 on Friday. The company has a market cap of $8.05 billion, a P/E ratio of 25.70, a P/E/G ratio of 2.05 and a beta of 1.37. The firm’s 50 day moving average is $46.56 and its two-hundred day moving average is $42.77. Synovus Financial has a fifty-two week low of $26.76 and a fifty-two week high of $58.66. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. The business had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.84 EPS. Analysts expect that Synovus Financial will post 4.36 EPS for the current year.

Institutional Investors Weigh In On Synovus Financial

Institutional investors have recently made changes to their positions in the company. V Square Quantitative Management LLC acquired a new position in Synovus Financial in the third quarter worth $30,000. UMB Bank n.a. grew its position in shares of Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after buying an additional 348 shares during the last quarter. Innealta Capital LLC acquired a new stake in Synovus Financial during the second quarter worth about $43,000. Abich Financial Wealth Management LLC lifted its holdings in Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after acquiring an additional 371 shares during the last quarter. Finally, Headlands Technologies LLC boosted its stake in Synovus Financial by 404.8% in the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock valued at $55,000 after acquiring an additional 1,105 shares during the period. 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.