The Goldman Sachs Group Forecasts Strong Price Appreciation for Synovus Financial (NYSE:SNV) Stock

Synovus Financial (NYSE:SNV) had its price objective lifted by equities researchers at The Goldman Sachs Group from $52.00 to $62.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the bank’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 6.60% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Stephens upped their target price on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Evercore ISI upped their price objective on Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a research note on Tuesday, September 17th. Morgan Stanley boosted their price target on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Finally, Wells Fargo & Company downgraded Synovus Financial from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $48.00 to $46.00 in a report on Tuesday, October 1st. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Synovus Financial currently has an average rating of “Moderate Buy” and a consensus target price of $53.94.

Synovus Financial Stock Down 0.9 %

Shares of NYSE:SNV opened at $58.16 on Tuesday. 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 stock has a fifty day simple moving average of $49.34 and a two-hundred day simple moving average of $44.30. Synovus Financial has a 12-month low of $29.34 and a 12-month high of $59.92. The stock has a market capitalization of $8.24 billion, a price-to-earnings ratio of 26.55, a PEG ratio of 2.08 and a beta of 1.37.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. The firm had revenue of $564.72 million during 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%. Synovus Financial’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.84 EPS. On average, research analysts anticipate that Synovus Financial will post 4.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors have recently made changes to their positions in SNV. &PARTNERS bought a new position in Synovus Financial in the 2nd quarter worth $284,000. Texas Permanent School Fund Corp raised its stake in shares of Synovus Financial by 19.6% in the second quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after buying an additional 25,028 shares during the period. Private Capital Management LLC lifted its position in shares of Synovus Financial by 6.2% during the 1st quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock valued at $14,644,000 after buying an additional 21,456 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in Synovus Financial by 7.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock worth $6,525,000 after acquiring an additional 10,346 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Synovus Financial by 81.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 230,856 shares of the bank’s stock valued at $9,249,000 after purchasing an additional 103,891 shares in the last quarter. Institutional investors own 83.85% of the company’s stock.

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.