Synovus Financial (NYSE:SNV) Stock Rating Lowered by Raymond James Financial

Synovus Financial (NYSE:SNV) was downgraded by investment analysts at Raymond James Financial from a “moderate buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

SNV has been the topic of several other research reports. Jefferies Financial Group assumed coverage on shares of Synovus Financial in a research report on Wednesday, May 21st. They issued a “hold” rating and a $55.00 price target on the stock. Keefe, Bruyette & Woods upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $58.00 to $65.00 in a research note on Friday, July 18th. Morgan Stanley raised their target price on Synovus Financial from $58.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Friday, July 18th. Royal Bank Of Canada dropped their price objective on Synovus Financial from $64.00 to $52.00 and set an “outperform” rating on the stock in a report on Monday, April 21st. Finally, JPMorgan Chase & Co. boosted their target price on Synovus Financial from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, July 1st. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Synovus Financial has an average rating of “Moderate Buy” and a consensus target price of $60.78.

Synovus Financial Stock Up 0.6%

Shares of SNV opened at $49.14 on Monday. The stock has a fifty day moving average of $50.97 and a 200-day moving average of $49.31. The stock has a market capitalization of $6.83 billion, a price-to-earnings ratio of 9.43, a PEG ratio of 0.83 and a beta of 1.19. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. Synovus Financial has a 52 week low of $35.94 and a 52 week high of $61.06.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.23. The firm had revenue of $592.08 million for the quarter, compared to analysts’ expectations of $584.89 million. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. During the same quarter in the prior year, the business earned $1.16 EPS. As a group, sell-side analysts anticipate that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Kevin S. Blair bought 4,040 shares of the stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average cost of $49.40 per share, with a total value of $199,576.00. Following the purchase, the chief executive officer directly owned 164,378 shares in the company, valued at $8,120,273.20. The trade was a 2.52% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Andrew J. Jr. Gregory bought 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average cost of $48.90 per share, for a total transaction of $97,800.00. Following the completion of the transaction, the chief financial officer directly owned 58,220 shares in the company, valued at approximately $2,846,958. The trade was a 3.56% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 7,040 shares of company stock worth $346,176 in the last 90 days. Insiders own 1.00% of the company’s stock.

Institutional Trading of Synovus Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC grew its holdings in shares of Synovus Financial by 168.2% during the first quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank’s stock worth $130,546,000 after buying an additional 1,791,973 shares in the last quarter. Norges Bank purchased a new stake in shares of Synovus Financial during the fourth quarter worth about $77,209,000. Invesco Ltd. grew its position in Synovus Financial by 201.0% during the 1st quarter. Invesco Ltd. now owns 820,782 shares of the bank’s stock valued at $38,363,000 after purchasing an additional 548,092 shares during the last quarter. FMR LLC lifted its position in shares of Synovus Financial by 3.6% during the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock valued at $616,892,000 after buying an additional 415,201 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in Synovus Financial by 125.5% during the first quarter. Millennium Management LLC now owns 646,098 shares of the bank’s stock worth $30,199,000 after buying an additional 359,568 shares during the period. 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.