Synovus Financial (NYSE:SNV) Price Target Cut to $48.00

Synovus Financial (NYSE:SNV) had its target price dropped by JPMorgan Chase & Co. from $50.00 to $48.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 37.50% from the company’s previous close.

Several other analysts have also issued reports on the stock. Jefferies Financial Group dropped their target price on shares of Synovus Financial from $46.00 to $43.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. DA Davidson reiterated a “buy” rating on shares of Synovus Financial in a research note on Monday, January 15th. Wells Fargo & Company decreased their target price on Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a research report on Friday. Raymond James cut Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $38.00 price objective (down previously from $46.00) on shares of Synovus Financial in a report on Friday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $41.53.

Synovus Financial Trading Up 3.0 %

SNV stock opened at $34.91 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $40.92. The company’s 50-day simple moving average is $37.91 and its 200-day simple moving average is $34.57. The firm has a market cap of $5.11 billion, a P/E ratio of 11.96, a PEG ratio of 3.64 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last posted 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). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. During the same quarter last year, the firm earned $1.33 earnings per share. The firm’s quarterly revenue was down 12.4% compared to the same quarter last year. As a group, equities analysts forecast that Synovus Financial will post 4.05 EPS for the current fiscal year.

Insider Buying and Selling at Synovus Financial

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

Institutional Investors Weigh In On Synovus Financial

Large investors have recently added to or reduced their stakes in the business. Allworth Financial LP increased its stake in Synovus Financial by 333.5% during the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after buying an additional 557 shares during the period. International Assets Investment Management LLC purchased a new stake in Synovus Financial during the 4th quarter worth approximately $28,000. MeadowBrook Investment Advisors LLC purchased a new stake in Synovus Financial during the 4th quarter worth approximately $30,000. Lazard Asset Management LLC increased its stake in Synovus Financial by 64.8% during the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock worth $30,000 after buying an additional 318 shares during the period. Finally, American National Bank purchased a new stake in Synovus Financial during the 4th quarter worth approximately $38,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Company Profile

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.