Synovus Financial (NYSE:SNV) Coverage Initiated at UBS Group

Research analysts at UBS Group initiated coverage on shares of Synovus Financial (NYSE:SNV) in a note issued to investors on Tuesday. The firm set a “buy” rating on the bank’s stock.

Several other equities research analysts also recently issued reports on the stock. DA Davidson raised their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. The Goldman Sachs Group increased their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Bank of America boosted their price objective on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Truist Financial increased their price objective on Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a report on Monday, October 21st. Finally, Citigroup set a $59.00 price target on shares of Synovus Financial in a report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $56.00.

Synovus Financial Price Performance

Shares of NYSE:SNV traded down $1.02 during trading on Tuesday, reaching $53.73. The stock had a trading volume of 186,929 shares, compared to its average volume of 1,387,328. The business’s 50-day moving average price is $52.94 and its 200 day moving average price is $46.04. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The stock has a market capitalization of $7.61 billion, a PE ratio of 24.35, a P/E/G ratio of 1.58 and a beta of 1.38. Synovus Financial has a 52 week low of $33.44 and a 52 week high of $59.92.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same period in the previous year, the firm earned $0.84 earnings per share. The company’s revenue was up 2.6% on a year-over-year basis. As a group, equities analysts predict that Synovus Financial will post 4.37 earnings per share for the current year.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently modified their holdings of the stock. V Square Quantitative Management LLC purchased a new position in Synovus Financial in the 3rd quarter valued at $30,000. UMB Bank n.a. increased its holdings in shares of Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after purchasing an additional 348 shares in the last quarter. Quarry LP acquired a new stake in Synovus Financial in the 3rd quarter valued at about $41,000. Innealta Capital LLC purchased a new position in Synovus Financial in the 2nd quarter valued at about $43,000. Finally, Headlands Technologies LLC increased its stake in shares of Synovus Financial by 404.8% during the 2nd 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 last quarter. Institutional investors and hedge funds 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.