Citigroup Issues Positive Forecast for Synovus Financial (NYSE:SNV) Stock Price

Synovus Financial (NYSE:SNV) had its target price boosted by equities researchers at Citigroup from $59.00 to $62.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Citigroup’s price target would indicate a potential upside of 13.56% from the stock’s previous close.

Several other research analysts have also commented on SNV. Stephens reiterated an “equal weight” rating and set a $58.00 price target on shares of Synovus Financial in a report on Thursday. Barclays lifted their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. UBS Group assumed coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They set a “buy” rating and a $76.00 target price on the stock. The Goldman Sachs Group upped their price objective on Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Finally, Evercore ISI upped their target price on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and a consensus target price of $58.44.

Synovus Financial Price Performance

SNV traded up $0.37 during midday trading on Friday, hitting $54.60. 769,009 shares of the company traded hands, compared to its average volume of 1,391,985. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $7.73 billion, a price-to-earnings ratio of 24.72, a PEG ratio of 1.31 and a beta of 1.39. Synovus Financial has a 52-week low of $33.44 and a 52-week high of $59.92. The business has a 50 day simple moving average of $54.27 and a two-hundred day simple moving average of $48.20.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The company had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. Synovus Financial’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.80 EPS. On average, equities analysts forecast that Synovus Financial will post 4.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Synovus Financial

Institutional investors have recently bought and sold shares of the company. Vanguard Personalized Indexing Management LLC raised its holdings in Synovus Financial by 8.9% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 20,847 shares of the bank’s stock worth $838,000 after purchasing an additional 1,706 shares in the last quarter. Blair William & Co. IL purchased a new position in shares of Synovus Financial during the 2nd quarter worth approximately $236,000. Hsbc Holdings PLC lifted its holdings in shares of Synovus Financial by 27.4% in the 2nd quarter. Hsbc Holdings PLC now owns 12,018 shares of the bank’s stock valued at $480,000 after buying an additional 2,586 shares during the period. Intech Investment Management LLC purchased a new stake in shares of Synovus Financial in the second quarter valued at approximately $1,751,000. Finally, AE Wealth Management LLC acquired a new position in Synovus Financial during the second quarter worth $510,000. 83.85% of the stock is owned by institutional investors and hedge funds.

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.