JPMorgan Chase & Co. Lowers Synovus Financial (NYSE:SNV) Price Target to $48.00

Synovus Financial (NYSE:SNV) had its price target dropped by analysts at JPMorgan Chase & Co. from $50.00 to $48.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 39.53% from the stock’s current price.

Several other brokerages also recently weighed in on SNV. DA Davidson reiterated a “buy” rating on shares of Synovus Financial in a research note on Monday, January 15th. Barclays began coverage on shares of Synovus Financial in a research report on Friday, March 8th. They issued an “equal weight” rating and a $42.00 price objective for the company. Jefferies Financial Group reduced their price objective on shares of Synovus Financial from $46.00 to $43.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Morgan Stanley raised their price objective on shares of Synovus Financial from $29.00 to $37.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. Finally, UBS Group raised their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, January 23rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Synovus Financial has an average rating of “Hold” and an average price target of $41.13.

Synovus Financial Stock Performance

Shares of SNV stock traded up $0.50 during mid-day trading on Friday, hitting $34.40. 486,838 shares of the stock were exchanged, compared to its average volume of 1,479,636. 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 $5.04 billion, a price-to-earnings ratio of 11.79, a P/E/G ratio of 3.93 and a beta of 1.40. The stock’s fifty day simple moving average is $37.93 and its two-hundred day simple moving average is $34.46. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV) last announced its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a return on equity of 13.08% and a net margin of 13.29%. The business had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. During the same quarter last year, the company posted $1.33 EPS. Synovus Financial’s quarterly revenue was down 12.4% on a year-over-year basis. On average, analysts forecast that Synovus Financial will post 4.05 EPS for the current year.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s stock in a transaction 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 directly owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial 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 approximately $1,280,021.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $78,180.35. Following the transaction, the executive vice president now owns 11,086 shares in the company, valued at approximately $423,817.78. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in 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 buying an additional 170,332 shares in the last quarter. BlackRock Inc. lifted its holdings in Synovus Financial by 1.6% in the 1st quarter. BlackRock Inc. now owns 14,098,433 shares of the bank’s stock worth $434,655,000 after buying an additional 228,708 shares in the last quarter. FMR LLC lifted its holdings in Synovus Financial by 10.0% in the 3rd quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock worth $297,530,000 after buying an additional 977,155 shares in the last quarter. Wellington Management Group LLP lifted its holdings in 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 buying an additional 2,843,488 shares in the last quarter. Finally, State Street Corp increased its position in shares of Synovus Financial by 15.7% in the 1st quarter. State Street Corp now owns 6,937,880 shares of the bank’s stock worth $216,502,000 after purchasing an additional 941,244 shares during the last quarter. Institutional investors and hedge funds 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.