Synovus Financial (NYSE:SNV) PT Lowered to $41.00

Synovus Financial (NYSE:SNV) had its target price cut by research analysts at The Goldman Sachs Group from $46.00 to $41.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the bank’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 19.29% from the stock’s current price.

Several other equities research analysts have also recently weighed in on SNV. Royal Bank of Canada increased their price objective on Synovus Financial from $42.00 to $44.00 and gave the stock an “outperform” rating in a report on Tuesday, April 9th. Jefferies Financial Group reduced their price objective 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. Wells Fargo & Company cut their target price on shares of Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday. Bank of America decreased their price target on shares of Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a research note on Friday. Finally, Truist Financial increased their target price on Synovus Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $41.38.

Synovus Financial Trading Up 1.4 %

SNV stock traded up $0.47 during trading on Friday, hitting $34.37. 807,892 shares of the company traded hands, compared to its average volume of 1,485,049. 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 has a 1 year low of $24.40 and a 1 year high of $40.92. The company has a 50-day moving average of $37.93 and a 200-day moving average of $34.46. The firm has a market capitalization of $5.03 billion, a PE ratio of 11.74, a P/E/G ratio of 3.93 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last announced its quarterly 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 net margin of 13.29% and a return on equity of 13.08%. The firm had revenue of $537.73 million for the quarter, compared to analysts’ expectations of $547.62 million. During the same period in the previous year, the company earned $1.33 EPS. The company’s quarterly revenue was down 12.4% on a year-over-year basis. Analysts predict that Synovus Financial will post 4.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value 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 approximately $423,817.78. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Tim E. Bentsen sold 4,671 shares of the stock in a transaction that occurred 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 disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

A number of hedge funds have recently modified their holdings of the business. Raymond James Financial Services Advisors Inc. increased its stake in Synovus Financial by 10.4% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 14,877 shares of the bank’s stock worth $729,000 after buying an additional 1,401 shares in the last quarter. Private Advisor Group LLC purchased a new stake in shares of Synovus Financial during the first quarter worth about $419,000. PNC Financial Services Group Inc. raised its stake in Synovus Financial by 10.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,420 shares of the bank’s stock valued at $561,000 after purchasing an additional 1,109 shares during the period. Great West Life Assurance Co. Can lifted its holdings in Synovus Financial by 10.3% in the 1st quarter. Great West Life Assurance Co. Can now owns 82,348 shares of the bank’s stock worth $4,147,000 after purchasing an additional 7,682 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in Synovus Financial during the 1st quarter valued at approximately $74,000. 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.