Synovus Financial (NYSE:SNV) Price Target Raised to $64.00 at Piper Sandler

Synovus Financial (NYSE:SNV) had its price objective upped by equities researchers at Piper Sandler from $56.00 to $64.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Piper Sandler’s price target would suggest a potential upside of 15.99% from the stock’s previous close.

SNV has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft started coverage on shares of Synovus Financial in a research report on Monday. They issued a “buy” rating and a $64.00 target price on the stock. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a research note on Tuesday, September 17th. JPMorgan Chase & Co. raised their price target on Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. DA Davidson boosted their price objective on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Finally, Wells Fargo & Company increased their price objective 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. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Synovus Financial currently has an average rating of “Moderate Buy” and a consensus target price of $55.61.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $55.18 on Wednesday. The firm has a market capitalization of $7.82 billion, a PE ratio of 24.97, a price-to-earnings-growth ratio of 2.01 and a beta of 1.38. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. Synovus Financial has a 12 month low of $33.44 and a 12 month high of $59.92. The business’s 50-day moving average price is $52.00 and its 200-day moving average price is $45.59.

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

Hedge Funds Weigh In On Synovus Financial

Institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC grew its holdings in shares of Synovus Financial by 6.5% during the 3rd quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after acquiring an additional 229 shares during the period. Fifth Third Bancorp boosted its position in shares of Synovus Financial by 7.0% during the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock valued at $151,000 after purchasing an additional 245 shares in the last quarter. Dana Investment Advisors Inc. grew its stake in Synovus Financial by 0.7% in the second quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock worth $1,437,000 after purchasing an additional 254 shares during the period. Hanseatic Management Services Inc. raised its holdings in Synovus Financial by 2.6% in the second quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank’s stock worth $478,000 after purchasing an additional 303 shares in the last quarter. Finally, Wedmont Private Capital raised its holdings in Synovus Financial by 3.8% in the third quarter. Wedmont Private Capital now owns 9,102 shares of the bank’s stock worth $394,000 after purchasing an additional 335 shares in the last quarter. 83.85% of the stock is 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.