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

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

SNV has been the topic of several other reports. UBS Group raised their price target on shares of Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, January 23rd. Morgan Stanley raised their target price on shares of Synovus Financial from $29.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Truist Financial raised their target price on shares of Synovus Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Wells Fargo & Company decreased their target price on shares of Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Bank of America decreased their target price on shares of Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.53.

Synovus Financial Price Performance

Synovus Financial stock opened at $34.91 on Friday. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $40.92. The stock has a market capitalization of $5.11 billion, a P/E ratio of 11.96, a P/E/G ratio of 3.64 and a beta of 1.40. The firm’s 50-day moving average is $37.91 and its two-hundred day moving average is $34.57. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (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 firm had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. During the same period in the prior year, the business earned $1.33 earnings per share. Synovus Financial’s revenue for the quarter was down 12.4% on a year-over-year basis. Equities analysts predict that Synovus Financial will post 4.05 earnings per share for the current year.

Insider Buying and Selling at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the business’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 transaction, the executive vice president now owns 11,086 shares in the company, valued at $423,817.78. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial 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 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 legal filing with the SEC, which can be accessed through this link. Also, 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 transaction of $180,394.02. Following the transaction, 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. 0.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. State of Michigan Retirement System increased its holdings in shares of Synovus Financial by 2.3% in the 1st quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock valued at $1,438,000 after acquiring an additional 800 shares during the last quarter. Asio Capital LLC boosted its holdings in Synovus Financial by 1.1% in the first quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock worth $5,141,000 after purchasing an additional 1,428 shares during the period. Cooper Financial Group bought a new stake in Synovus Financial during the first quarter valued at $203,000. Mather Group LLC. acquired a new stake in shares of Synovus Financial during the first quarter worth $144,000. Finally, GAMMA Investing LLC lifted its position in shares of Synovus Financial by 22.4% in the 1st quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock worth $120,000 after buying 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.