Fintel reports that on August 30, 2023, RBC Capital reiterated coverage of Synovus Financial (NYSE:SNV) with a Outperform recommendation.
Analyst Price Forecast Suggests 23.16% Upside
As of August 2, 2023, the average one-year price target for Synovus Financial is 38.49. The forecasts range from a low of 30.30 to a high of $47.25. The average price target represents an increase of 23.16% from its latest reported closing price of 31.25.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Synovus Financial is 2,436MM, an increase of 8.94%. The projected annual non-GAAP EPS is 5.14.
What is the Fund Sentiment?
There are 804 funds or institutions reporting positions in Synovus Financial. This is a decrease of 40 owner(s) or 4.74% in the last quarter. Average portfolio weight of all funds dedicated to SNV is 0.23%, a decrease of 4.05%. Total shares owned by institutions increased in the last three months by 0.97% to 133,480K shares. 
The put/call ratio of SNV is 1.51, indicating a bearish outlook.
What are Other Shareholders Doing?
Wellington Management Group Llp holds 6,398K shares representing 4.38% ownership of the company. In it's prior filing, the firm reported owning 7,271K shares, representing a decrease of 13.66%. The firm decreased its portfolio allocation in SNV by 17.62% over the last quarter.
Synovus Financial holds 5,785K shares representing 3.96% ownership of the company. In it's prior filing, the firm reported owning 5,750K shares, representing an increase of 0.61%. The firm increased its portfolio allocation in SNV by 60.55% over the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 4,432K shares representing 3.03% ownership of the company. In it's prior filing, the firm reported owning 4,488K shares, representing a decrease of 1.26%. The firm decreased its portfolio allocation in SNV by 7.18% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 4,311K shares representing 2.95% ownership of the company. In it's prior filing, the firm reported owning 4,271K shares, representing an increase of 0.92%. The firm decreased its portfolio allocation in SNV by 8.63% over the last quarter.
NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 3,584K shares representing 2.45% ownership of the company. In it's prior filing, the firm reported owning 3,617K shares, representing a decrease of 0.94%. The firm decreased its portfolio allocation in SNV by 7.52% over the last quarter.
Synovus Financial Background Information
(This description is provided by the company.)
Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $53 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 289 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of Synovus, has been recognized as one of the country's 'Most Reputable Banks' by American Banker and the Reputation Institute.
Additional reading:
- Media Contact Investor Contact Audria Belton Jennifer Demba Media Relations Investor Relations media@synovus.com investorrelations@synovus.com Synovus announces earnings for the second quarter 2023 Diluted earnings per share of $1.13 vs. $1.16 in 2Q2
- Synovus INCOME STATEMENT DATA (Unaudited) (Dollars in thousands, except per share data) 2023 2022 Second Quarter Second Quarter First Quarter Fourth Quarter Third Quarter Second Quarter '23 vs '22 % Change Interest income $ 759,143 716,879 654,654 55
- Earnings Release July 20, 2023 Second Quarter 2023 Results Exhibit 99.3 2 This slide presentation and certain of our other filings with the Securities and Exchange Commission contain statements that constitute "forward-looking statements" within the
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