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

Synovus Financial (NYSE:SNV) had its target price reduced by equities researchers at JPMorgan Chase & Co. from $63.00 to $60.50 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 15.39% from the stock’s current price.

SNV has been the topic of several other reports. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research report on Tuesday, September 17th. Evercore ISI boosted 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 report on Wednesday, October 30th. Piper Sandler raised their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Wells Fargo & Company boosted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $64.00 price objective on shares of Synovus Financial in a research report on Thursday, December 12th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $57.86.

Synovus Financial Stock Performance

Shares of SNV stock opened at $52.43 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 company has a market cap of $7.43 billion, a PE ratio of 23.72, a P/E/G ratio of 1.58 and a beta of 1.39. The company’s fifty day simple moving average is $54.14 and its 200-day simple moving average is $47.65. Synovus Financial has a 52 week low of $33.44 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14. The firm had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.84 EPS. As a group, equities research analysts anticipate that Synovus Financial will post 4.37 EPS for the current year.

Institutional Investors Weigh In On Synovus Financial

Several large investors have recently added to or reduced their stakes in SNV. V Square Quantitative Management LLC acquired a new position in shares of Synovus Financial during the third quarter valued at $30,000. UMB Bank n.a. boosted its stake in Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after purchasing an additional 348 shares during the period. Quarry LP bought a new position in Synovus Financial in the 3rd quarter worth about $41,000. Headlands Technologies LLC increased its stake in shares of Synovus Financial by 404.8% in the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock valued at $55,000 after purchasing an additional 1,105 shares during the period. Finally, Brooklyn Investment Group bought a new stake in shares of Synovus Financial during the third quarter valued at approximately $56,000. 83.85% of the stock is owned by institutional investors and hedge funds.

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.