The Goldman Sachs Group Issues Positive Forecast for Synovus Financial (NYSE:SNV) Stock Price

Synovus Financial (NYSE:SNV) had its target price 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 presently has a “neutral” rating on the bank’s stock. The Goldman Sachs Group’s price target points to a potential upside of 6.60% from the stock’s current price.

Several other research analysts also recently weighed in on SNV. Evercore ISI increased their price target on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Bank of America boosted their price target on shares of Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Royal Bank of Canada raised their price objective on shares of Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. lifted their price target on Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Synovus Financial has an average rating of “Moderate Buy” and an average price target of $53.94.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $58.16 on Tuesday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $8.24 billion, a PE ratio of 26.55, a PEG ratio of 2.08 and a beta of 1.37. The stock’s 50 day moving average price is $49.34 and its 200-day moving average price is $44.30. Synovus Financial has a twelve month low of $29.34 and a twelve month high of $59.92.

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 analysts’ consensus estimates of $1.09 by $0.14. The firm had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.84 earnings per share. On average, equities analysts anticipate that Synovus Financial will post 4.37 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC purchased a new position in shares of Synovus Financial during the third quarter valued at approximately $217,000. Teachers Retirement System of The State of Kentucky boosted its holdings in Synovus Financial by 6.6% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 120,386 shares of the bank’s stock valued at $5,353,000 after acquiring an additional 7,449 shares in the last quarter. Coldstream Capital Management Inc. bought a new position in Synovus Financial in the third quarter worth about $220,000. Geode Capital Management LLC lifted its holdings in Synovus Financial by 0.9% in the third quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock worth $107,633,000 after buying an additional 22,549 shares during the period. Finally, Vestcor Inc grew its holdings in shares of Synovus Financial by 150.3% during the 3rd quarter. Vestcor Inc now owns 26,644 shares of the bank’s stock worth $1,185,000 after acquiring an additional 16,000 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.