Barclays Forecasts Strong Price Appreciation for Synovus Financial (NYSE:SNV) Stock

Synovus Financial (NYSE:SNV) had its price objective increased by analysts at Barclays from $65.00 to $70.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Barclays‘s target price would indicate a potential upside of 33.07% from the company’s current price.

Several other equities analysts have also recently weighed in on SNV. DA Davidson reissued a “buy” rating and issued a $63.00 target price on shares of Synovus Financial in a research note on Thursday, October 16th. Truist Financial lowered their price objective on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, October 17th. JPMorgan Chase & Co. upped their target price on shares of Synovus Financial from $58.00 to $65.00 and gave the company an “overweight” rating in a report on Tuesday. Weiss Ratings downgraded shares of Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. Finally, UBS Group lowered their price target on Synovus Financial from $53.00 to $49.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Synovus Financial presently has an average rating of “Hold” and an average price target of $58.38.

Synovus Financial Trading Up 0.7%

Shares of NYSE SNV traded up $0.35 during mid-day trading on Friday, hitting $52.60. The company’s stock had a trading volume of 424,768 shares, compared to its average volume of 1,519,067. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market cap of $7.30 billion, a price-to-earnings ratio of 9.82, a price-to-earnings-growth ratio of 0.92 and a beta of 1.21. The company’s fifty day simple moving average is $47.43 and its 200-day simple moving average is $49.47. Synovus Financial has a one year low of $35.94 and a one year high of $61.06.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.10. The business 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%.The firm’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.23 earnings per share. On average, sell-side analysts anticipate that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Insider Transactions at Synovus Financial

In related news, Director Gregory G. Montana acquired 1,000 shares of the company’s stock in a transaction on Monday, October 20th. The stock was purchased at an average cost of $45.37 per share, with a total value of $45,370.00. Following the acquisition, the director directly owned 5,464 shares of the company’s stock, valued at approximately $247,901.68. The trade was a 22.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Synovus Financial

Several hedge funds and other institutional investors have recently modified their holdings of SNV. Hudson Bay Capital Management LP bought a new stake in shares of Synovus Financial during the third quarter worth $14,774,000. Tudor Investment Corp ET AL boosted its holdings in shares of Synovus Financial by 27.3% during the 3rd quarter. Tudor Investment Corp ET AL now owns 323,087 shares of the bank’s stock valued at $15,857,000 after acquiring an additional 69,283 shares in the last quarter. Allworth Financial LP grew its position in Synovus Financial by 46.3% during the 3rd quarter. Allworth Financial LP now owns 8,288 shares of the bank’s stock worth $407,000 after acquiring an additional 2,624 shares during the last quarter. IFP Advisors Inc grew its position in Synovus Financial by 30.1% during the 3rd quarter. IFP Advisors Inc now owns 1,376 shares of the bank’s stock worth $68,000 after acquiring an additional 318 shares during the last quarter. Finally, Swiss Life Asset Management Ltd acquired a new position in Synovus Financial in the 3rd quarter worth about $309,000. Institutional investors own 83.85% of the company’s stock.

About Synovus Financial

Synovus Financial Corp (NYSE: SNV) is a regional financial services company headquartered in Columbus, Georgia. The company offers a comprehensive range of banking and financial products to individual consumers, small businesses, and large corporations. Synovus operates through various business segments, including commercial and retail banking, mortgage lending, treasury and payment solutions, and wealth management services.

In its commercial banking division, Synovus provides loans, lines of credit, and treasury management services tailored to the needs of businesses across multiple industries.