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

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

Several other brokerages have also weighed in on SNV. Evercore ISI upped 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. Stephens raised their price objective on Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Citigroup set a $59.00 price objective on Synovus Financial in a report on Friday, October 18th. DA Davidson upped their target price on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 18th. Finally, Morgan Stanley lifted 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. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $57.86.

Synovus Financial Stock Performance

NYSE:SNV opened at $52.43 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The firm has a market cap of $7.43 billion, a price-to-earnings ratio of 23.72, a price-to-earnings-growth ratio of 1.58 and a beta of 1.39. The firm’s fifty day moving average price is $54.14 and its 200 day moving average price is $47.65. Synovus Financial has a 1-year low of $33.44 and a 1-year high of $59.92.

Synovus Financial (NYSE:SNV) last posted its quarterly 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. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. During the same period in the previous year, the business earned $0.84 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, sell-side analysts expect that Synovus Financial will post 4.37 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SNV. Texas Permanent School Fund Corp increased its position in Synovus Financial by 19.6% during the second quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after purchasing an additional 25,028 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in shares of Synovus Financial by 7.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock valued at $6,525,000 after buying an additional 10,346 shares during the period. Quest Partners LLC acquired a new stake in shares of Synovus Financial during the 3rd quarter worth $1,264,000. Quantinno Capital Management LP raised its position in shares of Synovus Financial by 25.1% in the 3rd quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank’s stock worth $2,183,000 after buying an additional 9,852 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Synovus Financial by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after buying an additional 147,599 shares during the period. 83.85% of the stock is currently owned by hedge funds and other 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.