Synovus Financial (NYSE:SNV) Lowered to “Market Perform” at Raymond James

Synovus Financial (NYSE:SNV) was downgraded by stock analysts at Raymond James from a “strong-buy” rating to a “market perform” rating in a report issued on Thursday, MarketBeat.com reports.

A number of other equities analysts have also commented on SNV. JPMorgan Chase & Co. raised their price objective on Synovus Financial from $46.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, April 4th. Truist Financial raised their price objective on Synovus Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. UBS Group raised their target price on Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. Morgan Stanley raised their target price on Synovus Financial from $29.00 to $37.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Finally, StockNews.com downgraded Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, February 15th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Synovus Financial currently has an average rating of “Moderate Buy” and an average target price of $41.50.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $36.60 on Thursday. The firm has a market cap of $5.36 billion, a P/E ratio of 10.58, a price-to-earnings-growth ratio of 3.93 and a beta of 1.40. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $40.92. The business’s 50 day moving average is $37.96 and its 200-day moving average is $34.46.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, April 17th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a return on equity of 14.95% and a net margin of 15.74%. The company had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same quarter last year, the business earned $1.33 EPS. Synovus Financial’s revenue was down 12.4% on a year-over-year basis. Equities research analysts predict that Synovus Financial will post 4.05 earnings per share for the current year.

Insider Activity at Synovus Financial

In related news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the sale, the director now owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the transaction, the director now directly owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the transaction, the executive vice president now directly owns 11,086 shares in the company, valued at $423,817.78. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allworth Financial LP lifted its holdings in Synovus Financial by 333.5% during the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after buying an additional 557 shares during the period. International Assets Investment Management LLC acquired a new position in Synovus Financial during the 4th quarter worth about $28,000. MeadowBrook Investment Advisors LLC acquired a new position in Synovus Financial during the 4th quarter worth about $30,000. Lazard Asset Management LLC lifted its holdings in Synovus Financial by 64.8% during the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock worth $30,000 after buying an additional 318 shares during the period. Finally, American National Bank bought a new position in shares of Synovus Financial in the 4th quarter worth about $38,000. 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.