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

Synovus Financial (NYSE:SNV) had its target price hoisted by analysts at Barclays from $65.00 to $70.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Barclays‘s target price would indicate a potential upside of 32.96% from the company’s current price.

SNV has been the subject of a number of other reports. Royal Bank Of Canada cut their target price on shares of Synovus Financial from $65.00 to $58.00 and set an “outperform” rating for the company in a report on Friday, October 17th. UBS Group lowered their price objective on shares of Synovus Financial from $53.00 to $49.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. DA Davidson reissued a “buy” rating and issued a $63.00 price objective on shares of Synovus Financial in a research note on Thursday, October 16th. 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 research report on Tuesday, December 16th. Finally, Stephens lowered their price target 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. Six research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $58.38.

Synovus Financial Trading Up 0.8%

Shares of SNV stock opened at $52.65 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $7.31 billion, a price-to-earnings ratio of 9.82, a price-to-earnings-growth ratio of 0.92 and a beta of 1.21. Synovus Financial has a 12-month low of $35.94 and a 12-month high of $61.06. The stock’s 50-day moving average price is $47.58 and its 200-day moving average price is $49.51.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.10. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The company had revenue of $612.79 million during the quarter, compared to analyst estimates of $604.59 million. During the same period in the prior year, the company earned $1.23 earnings per share. The firm’s revenue was up 9.0% on a year-over-year basis. Equities research analysts predict that Synovus Financial will post 4.89 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Gregory G. Montana acquired 1,000 shares of the firm’s stock in a transaction on Monday, October 20th. The stock was acquired at an average price of $45.37 per share, with a total value of $45,370.00. Following the completion of the purchase, the director directly owned 5,464 shares in the company, valued at approximately $247,901.68. This trade represents a 22.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Synovus Financial

Several hedge funds and other institutional investors have recently modified their holdings of SNV. McIlrath & Eck LLC boosted its holdings in Synovus Financial by 664.8% during the 3rd quarter. McIlrath & Eck LLC now owns 543 shares of the bank’s stock valued at $27,000 after acquiring an additional 472 shares during the period. Elevation Point Wealth Partners LLC purchased a new stake in Synovus Financial in the second quarter worth $31,000. Measured Wealth Private Client Group LLC bought a new stake in shares of Synovus Financial during the third quarter worth $38,000. Armstrong Advisory Group Inc. purchased a new stake in shares of Synovus Financial during the second quarter valued at $41,000. Finally, True Wealth Design LLC boosted its stake in shares of Synovus Financial by 1,817.8% during the third quarter. True Wealth Design LLC now owns 863 shares of the bank’s stock valued at $42,000 after purchasing an additional 818 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

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.