Synovus Financial (NYSE:SNV) Receives Equal Weight Rating from Wells Fargo & Company

Key Points

• Wells Fargo & Company has reiterated its "equal weight" rating for Synovus Financial, adjusting its price target down to $58.00 from $62.00, indicating a potential upside of 17.44% from the current price.
• Synovus Financial's stock recently traded down 12.9%, closing at $49.39 after a decline of $7.33 during trading.
• Research analysts currently rate Synovus Financial with an average rating of "Moderate Buy" and target price of $60.44, with 12 buy ratings and 7 hold ratings.
• The company reported earnings of $1.48 EPS for the last quarter, exceeding estimates and showcasing a net margin of 21.52%.

Synovus Financial (NYSE:SNV - Get Free Report)'s stock had its "equal weight" rating reissued by investment analysts at Wells Fargo & Company in a report issued on Friday, Marketbeat reports. They presently have a $58.00 price target on the bank's stock, down from their prior price target of $62.00. Wells Fargo & Company's price objective points to a potential upside of 16.84% from the stock's previous close.

A number of other brokerages have also commented on SNV. JPMorgan Chase & Co. upped their target price on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Keefe, Bruyette & Woods upgraded Synovus Financial from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $58.00 to $65.00 in a research note on Friday, July 18th. Barclays increased their price objective on Synovus Financial from $60.00 to $67.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Truist Financial increased their price objective on Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Finally, DA Davidson increased their price objective on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $60.44.

Synovus Financial Stock Performance

Shares of SNV traded down $7.08 during mid-day trading on Friday, hitting $49.64. The company's stock had a trading volume of 12,224,884 shares, compared to its average volume of 2,020,881. Synovus Financial has a one year low of $35.94 and a one year high of $61.06. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market capitalization of $6.90 billion, a PE ratio of 9.53, a price-to-earnings-growth ratio of 0.84 and a beta of 1.19. The stock's 50-day moving average is $50.97 and its two-hundred day moving average is $49.35.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.23. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%. The company had revenue of $592.08 million during the quarter, compared to analysts' expectations of $584.89 million. During the same period in the prior year, the business earned $1.16 earnings per share. As a group, sell-side analysts anticipate that Synovus Financial will post 4.89 EPS for the current year.

Hedge Funds Weigh In On Synovus Financial

Hedge funds have recently added to or reduced their stakes in the company. Tidal Investments LLC bought a new stake in shares of Synovus Financial in the 4th quarter valued at about $222,000. Cerity Partners LLC grew its holdings in Synovus Financial by 50.9% during the first quarter. Cerity Partners LLC now owns 23,879 shares of the bank's stock valued at $1,116,000 after purchasing an additional 8,059 shares during the period. Envestnet Portfolio Solutions Inc. bought a new stake in Synovus Financial in the first quarter valued at approximately $251,000. First Citizens Bank & Trust Co. raised its holdings in Synovus Financial by 32.8% in the first quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock worth $1,081,000 after purchasing an additional 5,717 shares during the period. Finally, Tradewinds LLC. acquired a new stake in Synovus Financial in the first quarter worth $351,000. 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.