Synovus Financial (NYSE:SNV) PT Raised to $47.00

Synovus Financial (NYSE:SNV) had its price target boosted by investment analysts at Jefferies Financial Group from $44.00 to $47.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Jefferies Financial Group’s target price would indicate a potential upside of 16.37% from the stock’s previous close.

Several other analysts also recently weighed in on the stock. Bank of America reduced their price objective on shares of Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, April 19th. JPMorgan Chase & Co. upped their price objective on shares of Synovus Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Wells Fargo & Company cut their target price on Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a research report on Friday, April 19th. Raymond James cut Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday, April 18th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $37.00 price objective on shares of Synovus Financial in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Synovus Financial has an average rating of “Moderate Buy” and a consensus price target of $42.25.

Synovus Financial Stock Down 1.4 %

Shares of SNV stock traded down $0.56 on Wednesday, reaching $40.39. 397,447 shares of the stock were exchanged, compared to its average volume of 1,379,362. The company has a market capitalization of $5.91 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 5.43 and a beta of 1.40. The business’s 50 day moving average price is $38.27 and its 200 day moving average price is $37.81. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $41.15.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data 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 business 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 company posted $1.33 earnings per share. The company’s revenue was down 12.4% compared to the same quarter last year. As a group, sell-side analysts expect that Synovus Financial will post 3.82 earnings per share for the current fiscal year.

Insider Transactions at Synovus Financial

In related news, major shareholder Eli Samaha sold 172,889 shares of Synovus Financial stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $25.20, for a total value of $4,356,802.80. Following the sale, the insider now directly owns 1,293,259 shares in the company, valued at $32,590,126.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, major shareholder Eli Samaha sold 172,889 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $25.20, for a total value of $4,356,802.80. Following the completion of the transaction, the insider now directly owns 1,293,259 shares of the company’s stock, valued at approximately $32,590,126.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP D Wayne Akins, Jr. bought 24,500 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were purchased at an average price of $37.40 per share, for a total transaction of $916,300.00. Following the completion of the transaction, the executive vice president now owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The disclosure for this purchase can be found here. In the last three months, insiders sold 179,712 shares of company stock valued at $4,528,878. Corporate insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

Institutional investors and hedge funds have recently modified their holdings of the business. Allworth Financial LP lifted its stake in Synovus Financial by 333.5% in the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after buying an additional 557 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Synovus Financial in the fourth quarter valued at $28,000. MeadowBrook Investment Advisors LLC acquired a new stake in shares of Synovus Financial during the fourth quarter valued at $30,000. American National Bank acquired a new position in Synovus Financial in the 4th quarter valued at about $38,000. Finally, Tennessee Valley Asset Management Partners purchased a new position in Synovus Financial in the 4th quarter valued at about $42,000. 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.