Synovus Financial Corp's (SNV) shares soared 5.04% on Wednesday after the company reported better-than-expected third-quarter earnings and received positive analyst coverage from several financial firms.
The Columbus, Georgia-based regional bank reported adjusted earnings of $1.23 per diluted share for the third quarter, surpassing analysts' estimates of $1.09 per share. Revenue also exceeded expectations, coming in at $564.7 million versus the consensus estimate of $557 million.
Following the strong earnings report, several analysts reiterated their bullish stance on Synovus. Truist Financial assigned a Buy rating on the stock, while D.A. Davidson maintained its Buy rating and lowered the price target to $53 from $55, citing the company's solid core performance and stable financial execution.
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