Synovus Financial (NYSE:SNV) Price Target Cut to $50.00 by Analysts at JPMorgan Chase & Co.

Synovus Financial (NYSE:SNV) had its target price lowered by research analysts at JPMorgan Chase & Co. from $54.00 to $50.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 25.22% from the stock’s previous close.

A number of other brokerages have also recently weighed in on SNV. Raymond James cut shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Wells Fargo & Company decreased their target price on Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. Morgan Stanley reduced their price target on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 13th. Barclays cut their target price on shares of Synovus Financial from $66.00 to $60.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Finally, Citigroup increased their price objective on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.17.

Synovus Financial Trading Down 3.3 %

SNV traded down $1.36 during trading hours on Monday, reaching $39.93. The company’s stock had a trading volume of 520,915 shares, compared to its average volume of 1,629,696. The stock has a market cap of $5.63 billion, a PE ratio of 13.09, a P/E/G ratio of 1.11 and a beta of 1.16. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. Synovus Financial has a fifty-two week low of $34.66 and a fifty-two week high of $59.92. The business’s 50-day moving average is $46.67 and its 200-day moving average is $50.79.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $573.24 million during the quarter, compared to analysts’ expectations of $572.35 million. As a group, equities research analysts predict that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Synovus Financial

Several hedge funds have recently modified their holdings of the stock. Colonial Trust Co SC raised its position in Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock worth $30,000 after buying an additional 499 shares during the last quarter. Keystone Financial Group Inc. purchased a new position in Synovus Financial during the fourth quarter worth about $37,000. Jones Financial Companies Lllp lifted its position in Synovus Financial by 72.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after purchasing an additional 461 shares during the period. V Square Quantitative Management LLC boosted its holdings in Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after purchasing an additional 466 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new position in Synovus Financial during the 4th quarter worth approximately $59,000. 83.85% of the stock is owned by institutional investors and hedge funds.

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.