Barclays Issues Positive Forecast for Synovus Financial (NYSE:SNV) Stock Price

Synovus Financial (NYSE:SNV - Get Free Report) had its price objective lifted by stock analysts at Barclays from $60.00 to $67.00 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. Barclays's target price points to a potential upside of 21.95% from the company's current price.

SNV has been the topic of several other reports. Royal Bank Of Canada dropped their price objective on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Morgan Stanley dropped their price objective on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 13th. Raymond James Financial cut Synovus Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. DA Davidson dropped their target price on Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a research report on Monday, April 21st. Finally, Jefferies Financial Group assumed coverage on Synovus Financial in a research report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 target price on the stock. Nine equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $57.50.

Synovus Financial Stock Up 0.6%

Shares of NYSE:SNV traded up $0.35 on Tuesday, hitting $54.94. 1,490,594 shares of the company traded hands, compared to its average volume of 1,370,074. Synovus Financial has a 52 week low of $35.94 and a 52 week high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.43. The stock has a 50 day simple moving average of $48.85 and a 200-day simple moving average of $49.06. The company has a market cap of $7.64 billion, a PE ratio of 15.39, a PEG ratio of 1.05 and a beta of 1.19.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, beating the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 15.87% and a net margin of 16.19%. The company had revenue of $573.24 million for the quarter, compared to analysts' expectations of $572.35 million. As a group, research analysts expect that Synovus Financial will post 4.89 earnings per share for the current year.

Institutional Trading of Synovus Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC raised its stake in Synovus Financial by 48.3% during the 2nd quarter. Parallel Advisors LLC now owns 1,671 shares of the bank's stock valued at $86,000 after purchasing an additional 544 shares during the period. TruWealth Advisors LLC increased its stake in Synovus Financial by 70.6% in the 2nd quarter. TruWealth Advisors LLC now owns 450,162 shares of the bank's stock worth $23,296,000 after acquiring an additional 186,281 shares during the last quarter. Voya Investment Management LLC increased its stake in Synovus Financial by 152.1% in the 1st quarter. Voya Investment Management LLC now owns 114,564 shares of the bank's stock worth $5,355,000 after acquiring an additional 69,129 shares during the last quarter. Strs Ohio bought a new stake in Synovus Financial in the 1st quarter worth approximately $1,244,000. Finally, Ellsworth Advisors LLC bought a new stake in Synovus Financial in the 1st quarter worth approximately $3,726,000. 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.