JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Synovus Financial (NYSE:SNV) Stock

Synovus Financial (NYSE:SNV - Get Free Report) had its price target raised by analysts at JPMorgan Chase & Co. from $50.00 to $60.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 11.50% from the company's previous close.

Several other equities research analysts have also recently commented on the company. Stephens lowered their price target on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Truist Financial began coverage on shares of Synovus Financial in a research note on Tuesday, May 13th. They issued a "buy" rating and a $56.00 target price for the company. DA Davidson dropped their price target on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a research note on Monday, April 21st. Wells Fargo & Company cut their price target on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Finally, Morgan Stanley decreased their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. Nine 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 company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.11.

Synovus Financial Stock Up 4.0%

Synovus Financial stock traded up $2.06 during trading hours on Tuesday, hitting $53.81. The company had a trading volume of 1,357,480 shares, compared to its average volume of 1,375,996. Synovus Financial has a fifty-two week low of $35.94 and a fifty-two week high of $59.92. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market capitalization of $7.48 billion, a P/E ratio of 15.07, a price-to-earnings-growth ratio of 1.00 and a beta of 1.19. The firm's fifty day moving average is $47.43 and its 200-day moving average is $48.91.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping analysts' consensus estimates of $1.11 by $0.19. The business had revenue of $573.24 million for the quarter, compared to the consensus estimate of $572.35 million. Synovus Financial had a net margin of 16.19% and a return on equity of 15.87%. On average, research analysts forecast that Synovus Financial will post 4.89 earnings per share for the current year.

Institutional Investors Weigh In On Synovus Financial

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Tidal Investments LLC acquired a new position in Synovus Financial during the 4th quarter valued at $222,000. First Citizens Bank & Trust Co. raised its position in shares of Synovus Financial by 32.8% during the first quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock valued at $1,081,000 after buying an additional 5,717 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Synovus Financial in the fourth quarter valued at about $3,798,000. Northern Trust Corp grew its position in Synovus Financial by 32.4% during the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock worth $70,702,000 after buying an additional 337,784 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in Synovus Financial during the fourth quarter worth about $1,504,000. Institutional investors and hedge funds 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.