Synovus Financial (NYSE:SNV) PT Lowered to $48.00

Synovus Financial (NYSE:SNV) had its price target decreased by equities research analysts at Evercore ISI from $50.00 to $48.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “in-line” rating on the bank’s stock. Evercore ISI’s target price would suggest a potential upside of 12.31% from the stock’s previous close.

A number of other research firms have also recently issued reports on SNV. Barclays lifted their target price on shares of Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. JPMorgan Chase & Co. boosted their price objective on shares of Synovus Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Royal Bank of Canada boosted their price objective on shares of Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Stephens boosted their price objective on shares of Synovus Financial from $43.00 to $46.00 and gave the company an “equal weight” rating in a research report on Friday, July 19th. Finally, Wells Fargo & Company cut shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $48.00 to $46.00 in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Synovus Financial currently has an average rating of “Moderate Buy” and a consensus target price of $47.44.

Synovus Financial Price Performance

NYSE SNV opened at $42.74 on Wednesday. The business’s fifty day moving average is $44.01 and its two-hundred day moving average is $40.73. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $47.83. The stock has a market capitalization of $6.26 billion, a P/E ratio of 14.64, a P/E/G ratio of 3.29 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company had revenue of $563.60 million for the quarter, compared to the consensus estimate of $543.52 million. During the same period in the previous year, the business earned $1.16 EPS. The company’s revenue was down .7% on a year-over-year basis. On average, research analysts forecast that Synovus Financial will post 4.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the transaction, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

Hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp grew its stake in shares of Synovus Financial by 7.0% in the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after purchasing an additional 245 shares during the last quarter. Dana Investment Advisors Inc. increased its stake in shares of Synovus Financial by 0.7% in the second quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock valued at $1,437,000 after buying an additional 254 shares during the period. Pitcairn Co. lifted its stake in shares of Synovus Financial by 2.3% in the first quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock worth $462,000 after acquiring an additional 261 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Synovus Financial by 18.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after acquiring an additional 298 shares during the last quarter. Finally, Hanseatic Management Services Inc. increased its position in Synovus Financial by 2.6% during the 2nd quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank’s stock valued at $478,000 after purchasing an additional 303 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.