Synovus Financial (NYSE:SNV) Given New $60.50 Price Target at JPMorgan Chase & Co.

Synovus Financial (NYSE:SNV) had its price target decreased by equities research analysts at JPMorgan Chase & Co. from $63.00 to $60.50 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 15.72% from the stock’s previous close.

A number of other research analysts have also recently commented on SNV. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Wells Fargo & Company boosted their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. DA Davidson increased their price target on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Royal Bank of Canada restated an “outperform” rating and set a $64.00 price objective on shares of Synovus Financial in a research report on Thursday, December 12th. 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 given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.86.

Synovus Financial Price Performance

Shares of NYSE SNV traded down $0.49 during trading hours on Tuesday, hitting $52.28. 511,258 shares of the stock were exchanged, compared to its average volume of 896,449. The company’s fifty day simple moving average is $54.05 and its two-hundred day simple moving average is $47.51. The company has a market cap of $7.41 billion, a PE ratio of 23.66, a price-to-earnings-growth ratio of 1.58 and a beta of 1.39. 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 has a 1-year low of $33.44 and a 1-year high of $59.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. During the same quarter last year, the company posted $0.84 EPS. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, sell-side analysts predict that Synovus Financial will post 4.37 EPS for the current year.

Hedge Funds Weigh In On Synovus Financial

Several large investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its holdings in shares of Synovus Financial by 12.8% in the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after purchasing an additional 1,095,557 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after purchasing an additional 838,932 shares during the last quarter. FMR LLC lifted its position in shares of Synovus Financial by 5.4% during the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after purchasing an additional 598,644 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Synovus Financial by 9.3% in 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 last quarter. Finally, Diamond Hill Capital Management Inc. bought a new position in shares of Synovus Financial during the 2nd quarter worth approximately $19,434,000. Institutional investors 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.