Evercore ISI Forecasts Strong Price Appreciation for Synovus Financial (NYSE:SNV) Stock

Synovus Financial (NYSE:SNV) had its target price hoisted by investment analysts at Evercore ISI from $48.00 to $54.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “in-line” rating on the bank’s stock. Evercore ISI’s target price indicates a potential upside of 5.90% from the stock’s current price.

A number of other research analysts also recently issued reports on the company. Citigroup set a $59.00 price objective on Synovus Financial in a research note on Friday, October 18th. JPMorgan Chase & Co. raised their price objective on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Bank of America lifted their price objective on shares of Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Wells Fargo & Company lowered shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $48.00 to $46.00 in a research note on Tuesday, October 1st. Finally, Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a report on Tuesday, September 17th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and an average price target of $52.24.

Synovus Financial Trading Up 2.3 %

Shares of Synovus Financial stock traded up $1.17 during midday trading on Wednesday, reaching $50.99. The company had a trading volume of 227,039 shares, compared to its average volume of 1,403,904. The stock has a fifty day moving average price of $45.42 and a 200 day moving average price of $41.89. Synovus Financial has a fifty-two week low of $25.52 and a fifty-two week high of $51.69. The firm has a market cap of $7.34 billion, a PE ratio of 23.08, a P/E/G ratio of 1.76 and a beta of 1.38. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.14. The company had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. Synovus Financial’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.84 earnings per share. On average, equities analysts anticipate that Synovus Financial will post 4.34 earnings per share for the current year.

Institutional Investors Weigh In On Synovus Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. V Square Quantitative Management LLC purchased a new position in Synovus Financial during the 3rd quarter worth $30,000. UMB Bank n.a. boosted its holdings in Synovus Financial by 87.2% during 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 during the last quarter. Innealta Capital LLC bought a new stake in Synovus Financial in the 2nd quarter worth about $43,000. Abich Financial Wealth Management LLC grew its holdings in shares of Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after acquiring an additional 371 shares in the last quarter. Finally, Fidelis Capital Partners LLC bought a new stake in shares of Synovus Financial during the 1st quarter worth $51,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

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.