Synovus Financial (NYSE:SNV) Stock Rating Reaffirmed by Keefe, Bruyette & Woods

Synovus Financial (NYSE:SNV)‘s stock had its “market perform” rating reissued by equities research analysts at Keefe, Bruyette & Woods in a research note issued to investors on Friday, Marketbeat.com reports. They presently have a $38.00 price objective on the bank’s stock, down from their prior price objective of $46.00. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 8.85% from the stock’s previous close.

SNV has been the topic of several other reports. Wells Fargo & Company raised their price objective on Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday, April 10th. Raymond James cut shares of Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday. JPMorgan Chase & Co. increased their price objective on shares of Synovus Financial from $46.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, April 4th. Evercore ISI boosted their target price on Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a research note on Thursday, March 28th. Finally, UBS Group increased their price target on Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, January 23rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $41.53.

Synovus Financial Trading Up 3.0 %

SNV opened at $34.91 on Friday. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week 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 company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. The company’s 50-day moving average is $37.91 and its 200 day moving average is $34.57.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20). The company had revenue of $537.73 million during the quarter, compared to analysts’ expectations 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 last year, the company earned $1.33 earnings per share. As a group, research analysts predict that Synovus Financial will post 4.05 earnings per share for the current fiscal year.

Insider Transactions at Synovus Financial

In related news, Director Tim E. Bentsen sold 4,671 shares of the company’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 sale, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial 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 completion of the transaction, the executive vice president now directly 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 available through the SEC website. Also, Director Tim E. Bentsen sold 4,671 shares of the business’s stock in a transaction 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 owns 33,144 shares in the company, valued at $1,280,021.28. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Allworth Financial LP boosted its position in shares of Synovus Financial by 333.5% in the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after acquiring an additional 557 shares during the period. International Assets Investment Management LLC purchased a new stake in Synovus Financial in the 4th quarter worth approximately $28,000. MeadowBrook Investment Advisors LLC bought a new position in Synovus Financial in the 4th quarter valued at $30,000. Lazard Asset Management LLC grew its position in shares of Synovus Financial by 64.8% during the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after purchasing an additional 318 shares in the last quarter. Finally, American National Bank bought a new position in shares of Synovus Financial in the fourth quarter worth $38,000. 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.