Synovus Financial (NYSE:SNV) Price Target Cut to $42.00

Synovus Financial (NYSE:SNV) had its price target cut by equities research analysts at Piper Sandler from $46.00 to $42.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Piper Sandler’s target price would indicate a potential upside of 20.69% from the stock’s previous close.

A number of other research firms also recently commented on SNV. Barclays dropped their target price on shares of Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday. StockNews.com downgraded shares of Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, February 15th. Jefferies Financial Group dropped their target price on shares of Synovus Financial from $46.00 to $43.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. Raymond James downgraded shares of Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday. Finally, Evercore ISI increased their target price on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a research report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.53.

Synovus Financial Stock Up 2.7 %

Shares of NYSE:SNV traded up $0.90 during trading hours on Friday, reaching $34.80. The stock had a trading volume of 1,595,216 shares, compared to its average volume of 1,496,268. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $40.92. The firm’s 50 day moving average is $37.93 and its 200-day 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. The stock has a market capitalization of $5.10 billion, a price-to-earnings ratio of 11.92, a P/E/G ratio of 3.93 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, April 17th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The company had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 13.08%. The company’s quarterly revenue was down 12.4% on a year-over-year basis. During the same period last year, the business earned $1.33 earnings per share. Research analysts predict that Synovus Financial will post 4.05 earnings per share for the current fiscal year.

Insider Transactions at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial stock in a transaction dated 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 in the company, valued at $423,817.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Tim E. Bentsen sold 4,671 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the sale, the director now directly owns 33,144 shares in the company, valued at $1,280,021.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s stock in a transaction that occurred 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 owns 11,086 shares of the company’s stock, valued at $423,817.78. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

A number of institutional investors have recently bought and sold shares of the stock. State of Michigan Retirement System grew its holdings in Synovus Financial by 2.3% in the first quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock valued at $1,438,000 after purchasing an additional 800 shares during the period. Asio Capital LLC grew its holdings in Synovus Financial by 1.1% in the first quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock valued at $5,141,000 after purchasing an additional 1,428 shares during the period. Cooper Financial Group acquired a new position in Synovus Financial during the first quarter valued at approximately $203,000. Mather Group LLC. acquired a new position in Synovus Financial during the first quarter valued at approximately $144,000. Finally, GAMMA Investing LLC lifted its position in Synovus Financial by 22.4% during the first quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock valued at $120,000 after buying an additional 548 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

About Synovus Financial

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.