Synovus Financial (NYSE:SNV) Stock Price Expected to Rise, DA Davidson Analyst Says

Synovus Financial (NYSE:SNV - Get Free Report) had its target price lifted by equities research analysts at DA Davidson from $60.00 to $63.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the bank's stock. DA Davidson's target price indicates a potential upside of 14.49% from the stock's current price.

A number of other equities research analysts have also recently weighed in on the company. Jefferies Financial Group assumed coverage on Synovus Financial in a report on Wednesday, May 21st. They set a "hold" rating and a $55.00 price target on the stock. JPMorgan Chase & Co. lifted their price target on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Morgan Stanley lifted their price target on Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Friday. Truist Financial lifted their price target on Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th. Finally, Wells Fargo & Company raised Synovus Financial from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $50.00 to $62.00 in a report on Thursday, July 10th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $60.67.

Synovus Financial Stock Performance

SNV stock traded up $1.18 during midday trading on Friday, reaching $55.03. The company had a trading volume of 704,019 shares, compared to its average volume of 1,361,774. 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 moving average price of $50.14 and a 200 day moving average price of $49.20. Synovus Financial has a fifty-two week low of $35.94 and a fifty-two week high of $59.92. The firm has a market capitalization of $7.65 billion, a PE ratio of 10.53, a P/E/G ratio of 1.01 and a beta of 1.19.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, beating analysts' consensus estimates of $1.25 by $0.23. Synovus Financial had a return on equity of 16.44% and a net margin of 21.52%. The company had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. During the same period in the previous year, the firm posted $1.16 earnings per share. Analysts anticipate that Synovus Financial will post 4.89 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Tidal Investments LLC bought a new position in shares of Synovus Financial in the fourth quarter valued at $222,000. Envestnet Portfolio Solutions Inc. bought a new position in shares of Synovus Financial in the first quarter valued at $251,000. First Citizens Bank & Trust Co. increased its holdings in shares of Synovus Financial by 32.8% in 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 in the last quarter. Tradewinds LLC. bought a new position in shares of Synovus Financial in the first quarter valued at $351,000. Finally, KBC Group NV increased its holdings in shares of Synovus Financial by 265.2% in the first quarter. KBC Group NV now owns 21,966 shares of the bank's stock valued at $1,027,000 after buying an additional 15,952 shares in the last quarter. Institutional investors own 83.85% of the company's stock.

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.

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