Synovus Financial (NYSE:SNV) Now Covered by UBS Group

Investment analysts at UBS Group assumed coverage on shares of Synovus Financial (NYSE:SNV) in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $76.00 price target on the bank’s stock. UBS Group’s price target points to a potential upside of 50.76% from the stock’s previous close.

SNV has been the topic of a number of other reports. Royal Bank of Canada reiterated an “outperform” rating and set a $64.00 price objective on shares of Synovus Financial in a research note on Thursday, December 12th. Evercore ISI increased their price target on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft began coverage on shares of Synovus Financial in a research report on Monday, December 9th. They issued a “buy” rating and a $64.00 price objective for the company. Truist Financial upped their target price on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, Wells Fargo & Company raised their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.78.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $50.41 on Tuesday. The company has a 50-day moving average price of $53.29 and a two-hundred day moving average price of $46.16. Synovus Financial has a twelve month low of $33.44 and a twelve month high of $59.92. 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 firm has a market capitalization of $7.14 billion, a PE ratio of 22.81, a P/E/G ratio of 1.58 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data 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 net margin of 10.82% and a return on equity of 13.43%. The business had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. During the same period in the previous year, the business earned $0.84 EPS. Synovus Financial’s revenue was up 2.6% compared to the same quarter last year. Equities analysts forecast that Synovus Financial will post 4.37 EPS for the current year.

Institutional Investors Weigh In On Synovus Financial

A number of hedge funds and other institutional investors have recently modified their holdings of SNV. GAMMA Investing LLC increased its stake in Synovus Financial by 6.5% in the 3rd quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after purchasing an additional 229 shares during the period. Fifth Third Bancorp increased its stake in shares of Synovus Financial by 7.0% in the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after buying an additional 245 shares during the period. Dana Investment Advisors Inc. increased its stake in shares of Synovus Financial by 0.7% in the second quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock worth $1,437,000 after buying an additional 254 shares during the period. Hanseatic Management Services Inc. raised its holdings in Synovus Financial by 2.6% during the 2nd quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank’s stock valued at $478,000 after buying an additional 303 shares during the last quarter. Finally, Wedmont Private Capital boosted its position in Synovus Financial by 3.8% during the 3rd quarter. Wedmont Private Capital now owns 9,102 shares of the bank’s stock valued at $394,000 after buying an additional 335 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.