Stephens Reiterates Equal Weight Rating for Synovus Financial (NYSE:SNV)

Synovus Financial (NYSE:SNV)‘s stock had its “equal weight” rating reiterated by investment analysts at Stephens in a report released on Thursday,Benzinga reports. They currently have a $58.00 price objective on the bank’s stock. Stephens’ target price suggests a potential upside of 6.24% from the stock’s previous close.

A number of other analysts have also weighed in on the stock. The Goldman Sachs Group increased their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Truist Financial increased their price target on Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Citigroup set a $59.00 price objective on Synovus Financial in a report on Friday, October 18th. Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a research report on Monday, December 9th. They set a “buy” rating and a $64.00 target price for the company. Finally, DA Davidson upped their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $58.44.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $54.60 on Thursday. The stock has a 50 day moving average price of $54.23 and a 200-day moving average price of $48.30. Synovus Financial has a one year low of $33.44 and a one year high of $59.92. The stock has a market cap of $7.73 billion, a price-to-earnings ratio of 24.70, a price-to-earnings-growth ratio of 1.31 and a beta of 1.39. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. During the same quarter in the previous year, the business posted $0.80 earnings per share. The business’s revenue was up 18.8% compared to the same quarter last year. Equities analysts expect that Synovus Financial will post 4.39 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. V Square Quantitative Management LLC purchased a new stake in shares of Synovus Financial during the 3rd quarter worth $30,000. UMB Bank n.a. raised its holdings in Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after purchasing an additional 348 shares in the last quarter. Quarry LP purchased a new stake in shares of Synovus Financial during the third quarter valued at about $41,000. Brooklyn Investment Group bought a new stake in shares of Synovus Financial in the 3rd quarter valued at about $56,000. Finally, Farther Finance Advisors LLC grew its position in shares of Synovus Financial by 474.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock worth $65,000 after buying an additional 1,211 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

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.