Barclays Boosts Synovus Financial (NYSE:SNV) Price Target to $70.00

Synovus Financial (NYSE:SNV) had its price target boosted by equities researchers at Barclays from $65.00 to $70.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Barclays‘s target price points to a potential upside of 33.07% from the company’s previous close.

Several other brokerages have also commented on SNV. Truist Financial cut their target price on Synovus Financial from $56.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, October 17th. JPMorgan Chase & Co. increased their price target on Synovus Financial from $58.00 to $65.00 and gave the stock 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 report on Wednesday, October 8th. DA Davidson reiterated a “buy” rating and set a $63.00 target price on shares of Synovus Financial in a research report on Thursday, October 16th. Finally, UBS Group reduced their price target on shares of Synovus Financial from $53.00 to $49.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, Synovus Financial presently has an average rating of “Hold” and a consensus target price of $58.38.

Synovus Financial Trading Up 0.7%

Shares of NYSE:SNV traded up $0.35 during trading on Friday, reaching $52.60. The stock had a trading volume of 424,768 shares, compared to its average volume of 1,519,067. Synovus Financial has a 52 week low of $35.94 and a 52 week high of $61.06. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91. The firm’s fifty day moving average is $47.43 and its 200 day moving average is $49.47. The stock has a market cap of $7.30 billion, a price-to-earnings ratio of 9.82, a P/E/G ratio of 0.92 and a beta of 1.21.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating 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 business had revenue of $612.79 million for the quarter, compared to analyst estimates of $604.59 million. During the same quarter in the previous year, the business earned $1.23 earnings per share. Synovus Financial’s revenue for the quarter was up 9.0% on a year-over-year basis. As a group, equities analysts forecast that Synovus Financial will post 4.89 EPS for the current fiscal year.

Insider Activity at Synovus Financial

In other Synovus Financial news, Director Gregory G. Montana bought 1,000 shares of the stock in a transaction that occurred on Monday, October 20th. The shares were bought at an average price of $45.37 per share, for a total transaction 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 position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is currently owned by insiders.

Institutional Trading of Synovus Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hudson Bay Capital Management LP purchased a new stake in shares of Synovus Financial in the third quarter worth approximately $14,774,000. Tudor Investment Corp ET AL lifted its stake in 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 boosted its holdings 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 stake in shares of Synovus Financial by 30.1% in 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 in the last quarter. Finally, Swiss Life Asset Management Ltd bought a new stake in shares of Synovus Financial in the 3rd quarter worth $309,000. 83.85% of the stock is owned by institutional investors.

Synovus Financial Company Profile

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.