Synovus Financial Corp. (NYSE:SNV) – Analysts at Piper Sandler increased their FY2020 earnings per share estimates for Synovus Financial in a research report issued to clients and investors on Tuesday, October 20th. Piper Sandler analyst B. Milsaps now expects that the bank will post earnings per share of $2.11 for the year, up from their previous estimate of $1.41. Piper Sandler also issued estimates for Synovus Financial’s Q4 2020 earnings at $0.78 EPS, Q2 2021 earnings at $0.79 EPS, Q3 2021 earnings at $0.69 EPS, Q4 2021 earnings at $0.69 EPS and FY2021 earnings at $2.80 EPS.
Synovus Financial (NYSE:SNV) last posted its earnings results on Tuesday, October 20th. The bank reported $0.89 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.37. Synovus Financial had a return on equity of 8.51% and a net margin of 17.25%. During the same quarter last year, the firm posted $0.97 earnings per share.
A number of other research analysts have also weighed in on the company. Morgan Stanley reduced their target price on Synovus Financial from $29.00 to $28.00 and set an “overweight” rating for the company in a report on Tuesday, August 4th. Zacks Investment Research upgraded Synovus Financial from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a research report on Wednesday, September 23rd. Stephens upgraded Synovus Financial from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $28.00 to $31.00 in a research report on Thursday. ValuEngine downgraded Synovus Financial from a “hold” rating to a “sell” rating in a research report on Monday, August 3rd. Finally, Royal Bank of Canada lifted their price target on Synovus Financial from $22.00 to $26.00 in a research report on Thursday, October 8th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the stock. Synovus Financial currently has a consensus rating of “Buy” and an average price target of $29.90.
SNV stock opened at $26.81 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $3.95 billion, a PE ratio of 11.66, a PEG ratio of 1.86 and a beta of 1.67. Synovus Financial has a twelve month low of $10.91 and a twelve month high of $40.32. The stock has a 50-day simple moving average of $22.64 and a two-hundred day simple moving average of $20.60.
Large investors have recently added to or reduced their stakes in the stock. Ellevest Inc. lifted its position in Synovus Financial by 24,660.0% in the 2nd quarter. Ellevest Inc. now owns 1,238 shares of the bank’s stock worth $25,000 after buying an additional 1,233 shares during the last quarter. Signaturefd LLC lifted its position in Synovus Financial by 63.6% in the 2nd quarter. Signaturefd LLC now owns 1,531 shares of the bank’s stock worth $31,000 after buying an additional 595 shares during the last quarter. Nachman Norwood & Parrott Inc bought a new stake in Synovus Financial in the 3rd quarter worth approximately $82,000. Steward Partners Investment Advisory LLC lifted its position in Synovus Financial by 631.1% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 4,818 shares of the bank’s stock worth $99,000 after buying an additional 4,159 shares during the last quarter. Finally, Cerebellum GP LLC bought a new stake in Synovus Financial in the 2nd quarter worth approximately $124,000. Institutional investors own 79.93% of the company’s stock.
Synovus Financial Company Profile
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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