Synovus Financial (NYSE:SNV) Earns Equal Weight Rating from Stephens

Synovus Financial (NYSE:SNV)‘s stock had its “equal weight” rating restated by research analysts at Stephens in a research report issued on Tuesday, Benzinga reports. They currently have a $38.00 price objective on the bank’s stock. Stephens’ price target indicates a potential downside of 2.84% from the stock’s current price.

A number of other brokerages also recently commented on SNV. Raymond James downgraded shares of Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday, April 18th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $38.00 target price (down from $46.00) on shares of Synovus Financial in a research note on Friday, April 19th. StockNews.com downgraded Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, February 15th. Piper Sandler lowered their price objective on Synovus Financial from $46.00 to $42.00 and set an “overweight” rating for the company in a research report on Friday, April 19th. Finally, UBS Group upped their target price 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 assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $41.50.

Synovus Financial Price Performance

NYSE SNV opened at $39.11 on Tuesday. The company has a market cap of $5.73 billion, a PE ratio of 13.39, a P/E/G ratio of 4.48 and a beta of 1.41. The firm’s 50 day moving average price is $37.99 and its 200-day moving average price is $35.51. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $40.92.

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 the consensus estimate of $0.99 by ($0.20). The company had revenue of $537.73 million for the quarter, compared to the consensus estimate 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 period last year, the business posted $1.33 EPS. Sell-side analysts forecast that Synovus Financial will post 3.76 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Qsemble Capital Management LP acquired a new stake in Synovus Financial during the 1st quarter worth about $1,010,000. Inspire Advisors LLC grew its holdings in Synovus Financial by 2.8% during the first quarter. Inspire Advisors LLC now owns 31,281 shares of the bank’s stock worth $1,253,000 after acquiring an additional 857 shares during the period. Swiss National Bank raised its position in Synovus Financial by 0.3% during the first quarter. Swiss National Bank now owns 288,819 shares of the bank’s stock valued at $11,570,000 after acquiring an additional 800 shares in the last quarter. Texas Permanent School Fund Corp lifted its holdings in Synovus Financial by 1.5% in the first quarter. Texas Permanent School Fund Corp now owns 127,989 shares of the bank’s stock valued at $5,127,000 after acquiring an additional 1,840 shares during the period. Finally, WBI Investments LLC boosted its position in Synovus Financial by 4.9% in the 1st quarter. WBI Investments LLC now owns 12,908 shares of the bank’s stock worth $517,000 after purchasing an additional 600 shares in the last quarter. Hedge funds and other 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.