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

Synovus Financial (NYSE:SNV - Get Free Report) had its price objective boosted by research analysts at Truist Financial from $56.00 to $60.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the bank's stock. Truist Financial's price objective suggests a potential upside of 9.79% from the company's previous close.

A number of other equities analysts have also weighed in on the company. Morgan Stanley reduced their price objective on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research note on Thursday, March 13th. Royal Bank Of Canada reduced their price objective on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Stephens cut 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. Jefferies Financial Group initiated coverage on Synovus Financial in a research note on Wednesday, May 21st. They issued a "hold" rating and a $55.00 price target for the company. Finally, Raymond James Financial lowered Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Synovus Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $59.35.

Synovus Financial Stock Performance

NYSE SNV opened at $54.65 on Friday. Synovus Financial has a twelve month low of $35.94 and a twelve month 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 business has a 50-day moving average price of $49.30 and a 200-day moving average price of $49.12. The firm has a market cap of $7.60 billion, a price-to-earnings ratio of 15.32, a price-to-earnings-growth ratio of 1.05 and a beta of 1.19.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, beating 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 return on equity of 15.87% and a net margin of 16.19%. As a group, equities research analysts predict that Synovus Financial will post 4.89 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Tidal Investments LLC acquired a new position in Synovus Financial in the 4th quarter valued at $222,000. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Synovus Financial during the 1st quarter worth $251,000. First Citizens Bank & Trust Co. increased its holdings in shares of Synovus Financial by 32.8% during the 1st quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock worth $1,081,000 after buying an additional 5,717 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Synovus Financial during the 4th quarter worth $3,798,000. Finally, KBC Group NV increased its holdings in shares of Synovus Financial by 265.2% during the 1st quarter. KBC Group NV now owns 21,966 shares of the bank's stock worth $1,027,000 after buying an additional 15,952 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.

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