Synovus Financial (NYSE:SNV) Stock Price Expected to Rise, Piper Sandler Analyst Says

Synovus Financial (NYSE:SNV) had its price target hoisted by investment analysts at Piper Sandler from $56.00 to $64.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Piper Sandler’s price objective suggests a potential upside of 17.02% from the stock’s current price.

Other analysts have also issued reports about the stock. JPMorgan Chase & Co. increased their target price on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Bank of America lifted 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. Wells Fargo & Company boosted their target price on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a research note on Tuesday, September 17th. Finally, Stephens boosted their price objective on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $56.00.

Synovus Financial Price Performance

SNV stock opened at $54.69 on Wednesday. The firm has a market cap of $7.75 billion, a P/E ratio of 24.75, a P/E/G ratio of 1.64 and a beta of 1.38. The firm’s fifty day moving average is $52.51 and its 200 day moving average is $45.72. Synovus Financial has a 52 week low of $33.44 and a 52 week high of $59.92. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $557.64 million. During the same period last year, the firm earned $0.84 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. Research analysts predict that Synovus Financial will post 4.37 earnings per share for the current year.

Institutional Investors Weigh In On Synovus Financial

Large investors have recently bought and sold shares of the business. Wellington Management Group LLP boosted its holdings in shares of Synovus Financial by 12.8% during the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after acquiring an additional 1,095,557 shares during the last quarter. Millennium Management LLC grew its position in Synovus Financial by 181.0% in the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after purchasing an additional 838,932 shares during the period. FMR LLC raised its stake in Synovus Financial by 5.4% during the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after buying an additional 598,644 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Synovus Financial by 9.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after buying an additional 491,036 shares during the period. Finally, Diamond Hill Capital Management Inc. purchased a new position in shares of Synovus Financial in the 2nd quarter worth $19,434,000. 83.85% of the stock is currently owned by institutional investors.

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.