Synovus Financial (NYSE:SNV) PT Lowered to $39.00

Synovus Financial (NYSE:SNV) had its price target reduced by Barclays from $42.00 to $39.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Barclays‘s target price suggests a potential upside of 11.72% from the company’s previous close.

SNV has been the topic of several other reports. DA Davidson reissued a “buy” rating on shares of Synovus Financial in a report on Monday, January 15th. Raymond James downgraded Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday. UBS Group boosted their target price on Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, January 23rd. Jefferies Financial Group lowered their price target on Synovus Financial from $46.00 to $43.00 and set a “buy” rating on the stock in a report on Monday, April 8th. Finally, StockNews.com downgraded Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, February 15th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $41.53.

Synovus Financial Trading Up 3.0 %

NYSE SNV 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 twelve month low of $24.40 and a twelve month high of $40.92. The firm has a market capitalization of $5.11 billion, a PE ratio of 11.96, a P/E/G ratio of 3.64 and a beta of 1.40. The stock’s 50 day moving average is $37.91 and its 200 day moving average is $34.57.

Synovus Financial (NYSE:SNV) last released its earnings results on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same period last year, the firm posted $1.33 earnings per share. The company’s revenue was down 12.4% compared to the same quarter last year. Research analysts forecast that Synovus Financial will post 4.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the sale, the executive vice president now owns 11,086 shares in the company, valued at $423,817.78. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the sale, the director now owns 33,144 shares in the company, valued at $1,280,021.28. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the sale, the executive vice president now owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The disclosure for this sale can be found here. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Phocas Financial Corp. purchased a new stake in shares of Synovus Financial during the fourth quarter worth about $7,115,000. American Century Companies Inc. grew its position in shares of Synovus Financial by 46.0% during the third quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock worth $26,631,000 after purchasing an additional 301,604 shares in the last quarter. Prudential PLC purchased a new stake in shares of Synovus Financial during the third quarter worth about $1,025,000. rhino investment partners Inc purchased a new stake in shares of Synovus Financial during the third quarter worth about $5,984,000. Finally, Barclays PLC grew its position in shares of Synovus Financial by 17.6% during the third quarter. Barclays PLC now owns 437,126 shares of the bank’s stock worth $12,151,000 after purchasing an additional 65,434 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

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.