Synovus Financial (NYSE:SNV) Given New $60.50 Price Target at JPMorgan Chase & Co.

Synovus Financial (NYSE:SNV) had its price target reduced by analysts at JPMorgan Chase & Co. from $63.00 to $60.50 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 15.72% from the stock’s current price.

Several other equities analysts have also issued reports on SNV. Evercore ISI boosted their price target on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Stephens increased their price target on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Piper Sandler boosted their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Wells Fargo & Company lifted their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $64.00 target price on shares of Synovus Financial in a research note on Thursday, December 12th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and an average target price of $57.86.

Synovus Financial Trading Down 0.9 %

SNV stock traded down $0.49 during midday trading on Tuesday, reaching $52.28. The company’s stock had a trading volume of 511,258 shares, compared to its average volume of 896,449. The business’s 50-day simple moving average is $54.05 and its 200-day simple moving average is $47.51. The stock has a market cap of $7.41 billion, a PE ratio of 23.66, a price-to-earnings-growth ratio of 1.58 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 company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.14. The firm had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.84 earnings per share. As a group, sell-side analysts expect that Synovus Financial will post 4.37 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SNV. V Square Quantitative Management LLC bought a new position in Synovus Financial during the third quarter worth $30,000. UMB Bank n.a. increased its position 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 acquiring an additional 348 shares during the period. Quarry LP bought a new stake in Synovus Financial in the 3rd quarter valued at about $41,000. Headlands Technologies LLC increased its holdings in shares of Synovus Financial by 404.8% during the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after purchasing an additional 1,105 shares during the period. Finally, Brooklyn Investment Group acquired a new stake in shares of Synovus Financial in the third quarter valued at approximately $56,000. 83.85% of the stock is currently owned by 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.