Truist Financial Issues Pessimistic Forecast for Synovus Financial (NYSE:SNV) Stock Price

Synovus Financial (NYSE:SNVGet Free Report) had its price target decreased by Truist Financial from $56.00 to $55.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. Truist Financial’s price objective points to a potential upside of 21.34% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Wall Street Zen upgraded shares of Synovus Financial from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Stephens reduced their price objective on shares of Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating for the company in a research report on Friday. Keefe, Bruyette & Woods lowered shares of Synovus Financial from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $65.00 to $50.00 in a report on Tuesday, August 12th. DA Davidson reaffirmed a “buy” rating and set a $63.00 target price on shares of Synovus Financial in a report on Thursday. Finally, Morgan Stanley upped their target price on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an “equal weight” rating in a report on Friday, July 18th. Eight analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $58.71.

View Our Latest Stock Analysis on SNV

Synovus Financial Stock Performance

NYSE:SNV opened at $45.33 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.92 and a current ratio of 0.91. The company has a fifty day moving average of $49.59 and a two-hundred day moving average of $48.42. The stock has a market capitalization of $6.29 billion, a PE ratio of 8.46, a P/E/G ratio of 0.81 and a beta of 1.21. Synovus Financial has a fifty-two week low of $35.94 and a fifty-two week high of $61.06.

Synovus Financial (NYSE:SNVGet Free Report) last posted its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.10. The company had revenue of $612.79 million during the quarter, compared to analysts’ expectations of $604.59 million. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. The firm’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.23 earnings per share. As a group, research analysts forecast that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Gregory G. Montana acquired 1,000 shares of the company’s stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average price of $46.74 per share, with a total value of $46,740.00. Following the completion of the acquisition, the director owned 4,341 shares of the company’s stock, valued at $202,898.34. This trade represents a 29.93% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Diana M. Murphy acquired 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average cost of $48.80 per share, with a total value of $48,800.00. Following the acquisition, the director directly owned 40,171 shares of the company’s stock, valued at $1,960,344.80. This trade represents a 2.55% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 8,040 shares of company stock worth $392,916. Company insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

A number of hedge funds have recently modified their holdings of the company. Elevation Point Wealth Partners LLC purchased a new position in Synovus Financial during the second quarter worth about $31,000. Armstrong Advisory Group Inc. purchased a new position in Synovus Financial during the second quarter worth about $41,000. Ransom Advisory Ltd boosted its stake in Synovus Financial by 90.0% during the third quarter. Ransom Advisory Ltd now owns 950 shares of the bank’s stock worth $47,000 after buying an additional 450 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Synovus Financial during the first quarter worth about $47,000. Finally, IFP Advisors Inc boosted its stake in Synovus Financial by 650.4% during the second quarter. IFP Advisors Inc now owns 1,058 shares of the bank’s stock worth $60,000 after buying an additional 917 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Synovus Financial (NYSE:SNV)

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