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

Synovus Financial (NYSE:SNV) had its price target boosted by investment analysts 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 target price suggests a potential upside of 7.92% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. StockNews.com upgraded Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Wells Fargo & Company cut Synovus Financial from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $48.00 to $46.00 in a research note on Tuesday, October 1st. Stephens raised their price target on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Finally, DA Davidson lifted their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.94.

Synovus Financial Price Performance

SNV stock opened at $57.45 on Tuesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. The firm has a market cap of $8.14 billion, a P/E ratio of 26.17, a P/E/G ratio of 2.12 and a beta of 1.37. The firm’s fifty day moving average is $49.60 and its 200 day moving average is $44.42. Synovus Financial has a 52 week low of $29.48 and a 52 week high of $59.92.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. During the same period in the previous year, the firm earned $0.84 EPS. The business’s quarterly revenue was up 2.6% on a year-over-year basis. Research analysts predict that Synovus Financial will post 4.37 earnings per share for the current year.

Institutional Trading of Synovus Financial

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

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.