Synovus Financial (NYSE:SNV) PT Raised to $52.00 at Truist Financial

Synovus Financial (NYSE:SNV) had its target price hoisted by investment analysts at Truist Financial from $50.00 to $52.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. Truist Financial’s target price indicates a potential upside of 15.56% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Royal Bank of Canada boosted their price objective on shares of Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Piper Sandler boosted their price objective on shares of Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Jefferies Financial Group boosted their price objective on shares of Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Stephens boosted their price objective on shares of Synovus Financial from $43.00 to $46.00 and gave the company an “equal weight” rating in a research note on Friday, July 19th. Finally, StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 12th. One analyst has rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $46.81.

Synovus Financial Stock Down 1.3 %

SNV stock opened at $45.00 on Friday. The stock has a market capitalization of $6.59 billion, a P/E ratio of 15.41, a PEG ratio of 3.50 and a beta of 1.39. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. Synovus Financial has a one year low of $24.40 and a one year high of $47.83. The company has a 50 day moving average price of $44.30 and a two-hundred day moving average price of $40.48.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, topping the consensus estimate of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The firm had revenue of $563.60 million during the quarter, compared to analysts’ expectations of $543.52 million. During the same period in the previous year, the company earned $1.16 EPS. Synovus Financial’s revenue for the quarter was down .7% on a year-over-year basis. As a group, sell-side analysts expect that Synovus Financial will post 4.05 EPS for the current year.

Insiders Place Their Bets

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the transaction, the executive vice president now owns 14,833 shares in the company, valued at approximately $685,284.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Synovus Financial

A number of institutional investors have recently modified their holdings of SNV. Wellington Management Group LLP raised its stake in shares of Synovus Financial by 56.9% in the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after purchasing an additional 2,843,488 shares in the last quarter. Norges Bank acquired a new stake in shares of Synovus Financial in the 4th quarter valued at about $59,941,000. Millennium Management LLC raised its stake in shares of Synovus Financial by 181.0% in the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after purchasing an additional 838,932 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Synovus Financial by 9.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after purchasing an additional 491,036 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. acquired a new stake in shares of Synovus Financial in the 2nd quarter valued at about $19,434,000. Institutional investors and hedge funds 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.