Synovus Financial (NYSE:SNV) Given New $65.00 Price Target at JPMorgan Chase & Co.

Synovus Financial (NYSE:SNV) had its price objective boosted by analysts at JPMorgan Chase & Co. from $58.00 to $65.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 23.15% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Barclays raised their target price on shares of Synovus Financial from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Tuesday, November 11th. Truist Financial reduced their price objective on Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, October 17th. Weiss Ratings cut Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. UBS Group cut their target price on Synovus Financial from $53.00 to $49.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. Finally, Royal Bank Of Canada reduced their price target on Synovus Financial from $65.00 to $58.00 and set an “outperform” rating for the company in a report on Friday, October 17th. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Synovus Financial presently has an average rating of “Hold” and an average target price of $58.00.

Synovus Financial Trading Down 0.2%

Shares of Synovus Financial stock traded down $0.10 during trading on Tuesday, reaching $52.78. The company’s stock had a trading volume of 88,856 shares, compared to its average volume of 1,526,236. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.57. Synovus Financial has a 52-week low of $35.94 and a 52-week high of $61.06. The firm’s 50-day moving average is $47.13 and its two-hundred day moving average is $49.39. The company has a market cap of $7.33 billion, a price-to-earnings ratio of 9.85, a PEG ratio of 0.92 and a beta of 1.21.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.10. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The firm had revenue of $612.79 million during the quarter, compared to analyst estimates of $604.59 million. During the same quarter in the prior year, the firm posted $1.23 earnings per share. The business’s quarterly revenue was up 9.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Synovus Financial will post 4.89 earnings per share for the current year.

Insider Buying and Selling at Synovus Financial

In other news, Director Gregory G. Montana bought 1,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The shares were bought at an average cost of $45.37 per share, for a total transaction of $45,370.00. Following the completion of the transaction, the director owned 5,464 shares of the company’s stock, valued at approximately $247,901.68. This represents a 22.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its holdings in shares of Synovus Financial by 5.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,477,337 shares of the bank’s stock valued at $219,749,000 after purchasing an additional 249,001 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Synovus Financial by 7.1% in the second quarter. AQR Capital Management LLC now owns 3,059,102 shares of the bank’s stock valued at $158,309,000 after acquiring an additional 201,880 shares during the last quarter. Nomura Holdings Inc. purchased a new position in Synovus Financial during the third quarter worth about $147,271,000. Norges Bank acquired a new position in Synovus Financial in the 2nd quarter valued at about $89,347,000. Finally, Bank of New York Mellon Corp grew its stake in Synovus Financial by 0.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,586,599 shares of the bank’s stock worth $82,107,000 after purchasing an additional 8,759 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

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.