JPMorgan Chase & Co. Boosts Synovus Financial (NYSE:SNV) Price Target to $65.00

Synovus Financial (NYSE:SNV) had its price target raised by investment analysts at JPMorgan Chase & Co. from $58.00 to $65.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 23.15% from the stock’s current price.

Several other equities research analysts have also weighed in on the company. Royal Bank Of Canada lowered their price objective on Synovus Financial from $65.00 to $58.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. Barclays upped their target price on shares of Synovus Financial from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 11th. Stephens lowered their target price on shares of Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating for the company in a report on Friday, October 17th. Weiss Ratings downgraded Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. Finally, Truist Financial reduced their price objective on Synovus Financial from $56.00 to $55.00 and set a “buy” 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 assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $58.00.

Synovus Financial Stock Performance

Shares of SNV stock traded down $0.10 during trading hours on Tuesday, reaching $52.78. 88,856 shares of the company’s stock were exchanged, compared to its average volume of 1,526,236. The stock has a market capitalization of $7.33 billion, a P/E ratio of 9.85, a P/E/G ratio of 0.92 and a beta of 1.21. Synovus Financial has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. The business has a fifty day moving average price of $47.13 and a 200-day moving average price of $49.39. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.57.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.10. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. The company had revenue of $612.79 million for the quarter, compared to the consensus estimate of $604.59 million. During the same quarter in the previous year, the firm posted $1.23 EPS. The business’s revenue was up 9.0% compared to the same quarter last year. Analysts predict that Synovus Financial will post 4.89 EPS for the current fiscal year.

Insider Activity

In other news, Director Gregory G. Montana purchased 1,000 shares of the business’s stock in a transaction dated Monday, October 20th. The stock was bought at an average price of $45.37 per share, with a total value 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 acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

A number of institutional investors and hedge funds have recently modified their holdings of the business. LPL Financial LLC raised its stake in shares of Synovus Financial by 5.6% in the first quarter. LPL Financial LLC now owns 35,616 shares of the bank’s stock valued at $1,665,000 after buying an additional 1,902 shares during the period. Invesco Ltd. increased its position in shares of Synovus Financial by 201.0% in the first quarter. Invesco Ltd. now owns 820,782 shares of the bank’s stock worth $38,363,000 after purchasing an additional 548,092 shares during the last quarter. Nuveen LLC bought a new stake in Synovus Financial during the first quarter valued at approximately $14,294,000. HighTower Advisors LLC grew its stake in Synovus Financial by 6.9% in the 1st quarter. HighTower Advisors LLC now owns 22,889 shares of the bank’s stock worth $1,070,000 after buying an additional 1,468 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Synovus Financial by 18.8% in the 1st quarter. Russell Investments Group Ltd. now owns 133,089 shares of the bank’s stock worth $6,221,000 after buying an additional 21,045 shares during the last quarter. 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.