Synovus Financial (NYSE:SNV) Rating Lowered to Market Perform at Raymond James

Synovus Financial (NYSE:SNV) was downgraded by stock analysts at Raymond James from a “strong-buy” rating to a “market perform” rating in a research report issued on Thursday, MarketBeat.com reports.

SNV has been the topic of several other research reports. DA Davidson reiterated a “buy” rating on shares of Synovus Financial in a research note on Monday, January 15th. Evercore ISI increased their price objective on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a research note on Thursday, March 28th. StockNews.com downgraded shares of Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, February 15th. Jefferies Financial Group cut their price objective 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, Barclays began coverage on Synovus Financial in a research report on Friday, March 8th. They issued an “equal weight” rating and a $42.00 target price for the company. 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 company. According to MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average target price of $41.53.

Synovus Financial Stock Performance

NYSE:SNV opened at $34.91 on Thursday. The stock has a 50 day simple moving average of $37.91 and a 200 day simple moving average of $34.52. The stock has a market cap of $5.11 billion, a P/E ratio of 11.96, a PEG ratio of 3.93 and a beta of 1.40. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $40.92. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last announced its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (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 13.08%. The business had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same period in the previous year, the firm posted $1.33 EPS. The company’s revenue was down 12.4% compared to the same quarter last year. Research analysts anticipate that Synovus Financial will post 4.05 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’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 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 SEC, which is accessible through this link. In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’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 directly owns 11,086 shares in the company, valued at approximately $423,817.78. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the transaction, the director now directly owns 33,144 shares in the company, valued at $1,280,021.28. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Synovus Financial by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 14,996,954 shares of the bank’s stock worth $562,536,000 after acquiring an additional 170,332 shares during the last quarter. BlackRock Inc. lifted its stake in Synovus Financial by 1.6% during the 1st quarter. BlackRock Inc. now owns 14,098,433 shares of the bank’s stock valued at $434,655,000 after acquiring an additional 228,708 shares in the last quarter. FMR LLC boosted its holdings in Synovus Financial by 10.0% during the 3rd quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock worth $297,530,000 after acquiring an additional 977,155 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Synovus Financial by 56.9% in the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock worth $295,127,000 after acquiring an additional 2,843,488 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Synovus Financial by 15.7% during the first quarter. State Street Corp now owns 6,937,880 shares of the bank’s stock valued at $216,502,000 after purchasing an additional 941,244 shares in the last quarter. 83.85% of the stock is owned by 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.