Synovus Financial (NYSE:SNV) PT Lowered to $42.00

Synovus Financial (NYSE:SNV) had its price objective cut by research analysts at Piper Sandler from $46.00 to $42.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Piper Sandler’s price objective would suggest a potential upside of 20.31% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. UBS Group boosted their target price on shares of Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, January 23rd. JPMorgan Chase & Co. dropped their target price on shares of Synovus Financial from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Friday. The Goldman Sachs Group dropped their price target on shares of Synovus Financial from $46.00 to $41.00 and set a “neutral” rating on the stock in a research note on Friday. Barclays dropped their price target on shares of Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Friday. Finally, Morgan Stanley upped their price target on shares of Synovus Financial from $29.00 to $37.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.53.

Synovus Financial Stock Up 3.0 %

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

Synovus Financial (NYSE:SNV) last released its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates 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 net margin of 13.29% and a return on equity of 12.93%. The firm’s revenue was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.33 earnings per share. Research analysts predict that Synovus Financial will post 4.05 EPS for the current fiscal year.

Insider Transactions at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the 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 transaction, the executive vice president now owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Tim E. Bentsen sold 4,671 shares of the 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 transaction, the director now owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total transaction 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. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently made changes to their positions in the business. State of Michigan Retirement System grew its holdings in shares of Synovus Financial by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock valued at $1,438,000 after purchasing an additional 800 shares during the last quarter. Asio Capital LLC grew its holdings in shares of Synovus Financial by 1.1% during the 1st quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock valued at $5,141,000 after purchasing an additional 1,428 shares during the last quarter. Cooper Financial Group bought a new position in shares of Synovus Financial during the 1st quarter valued at $203,000. Mather Group LLC. bought a new position in shares of Synovus Financial during the 1st quarter valued at $144,000. Finally, GAMMA Investing LLC grew its holdings in shares of Synovus Financial by 22.4% during the 1st quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock valued at $120,000 after purchasing an additional 548 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

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.