Bank of America Lowers Synovus Financial (NYSE:SNV) Price Target to $40.00

Synovus Financial (NYSE:SNV) had its target price lowered by equities researchers at Bank of America from $44.00 to $40.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. Bank of America‘s price target would suggest a potential upside of 14.58% from the stock’s current price.

Several other equities research analysts have also weighed in on SNV. StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, February 15th. Truist Financial increased their price target on Synovus Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Morgan Stanley boosted their price objective on Synovus Financial from $29.00 to $37.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. Jefferies Financial Group lowered their price objective on Synovus Financial from $46.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Finally, Barclays started coverage on Synovus Financial in a research note on Friday, March 8th. They issued an “equal weight” rating and a $42.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $41.53.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $34.91 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $5.11 billion, a price-to-earnings ratio of 11.96, a price-to-earnings-growth ratio of 3.64 and a beta of 1.40. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $40.92. The business has a 50 day simple moving average of $37.91 and a 200-day simple moving average of $34.57.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The business had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The business’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.33 EPS. As a group, equities research analysts expect that Synovus Financial will post 4.05 earnings per share for the current year.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the sale, the executive vice president now owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total transaction of $180,394.02. Following the completion of the sale, the director now directly owns 33,144 shares in the company, valued at $1,280,021.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the transaction, the executive vice president now directly owns 11,086 shares in the company, valued at approximately $423,817.78. The disclosure for this sale can be found here. 0.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds have recently modified their holdings of SNV. Phocas Financial Corp. purchased a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $7,115,000. American Century Companies Inc. boosted its position in shares of Synovus Financial by 46.0% in the third quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock worth $26,631,000 after buying an additional 301,604 shares during the period. Prudential PLC purchased a new position in shares of Synovus Financial during the third quarter valued at $1,025,000. rhino investment partners Inc acquired a new position in Synovus Financial during the third quarter valued at $5,984,000. Finally, Barclays PLC lifted its stake in Synovus Financial by 17.6% in the 3rd quarter. Barclays PLC now owns 437,126 shares of the bank’s stock worth $12,151,000 after acquiring an additional 65,434 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.