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

Synovus Financial (NYSE:SNV) was downgraded by Raymond James from a “strong-buy” rating to a “market perform” rating in a research report issued on Thursday, Marketbeat Ratings reports.

A number of other equities research analysts also recently issued reports on SNV. Truist Financial increased their price objective on Synovus Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. JPMorgan Chase & Co. increased their price objective on Synovus Financial from $46.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, April 4th. UBS Group increased their price objective on Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, January 23rd. Keefe, Bruyette & Woods increased their price objective on Synovus Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, January 19th. Finally, Morgan Stanley increased their price objective on Synovus Financial from $29.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Synovus Financial has a consensus rating of “Moderate Buy” and a consensus price target of $41.50.

Synovus Financial Trading Down 0.1 %

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

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, April 17th. 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 return on equity of 14.95% and a net margin of 15.74%. The firm had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same period in the previous year, the company posted $1.33 EPS. The company’s revenue for the quarter was down 12.4% compared to the same quarter last year. As a group, analysts expect that Synovus Financial will post 4.05 EPS for the current 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 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 owns 11,086 shares in the company, valued at $423,817.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the sale, the director now directly owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s 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 completion of the sale, 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. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

Several large investors have recently modified their holdings of SNV. Raymond James Financial Services Advisors Inc. raised its stake in Synovus Financial by 10.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 14,877 shares of the bank’s stock valued at $729,000 after buying an additional 1,401 shares during the last quarter. Private Advisor Group LLC bought a new stake in shares of Synovus Financial during the 1st quarter valued at $419,000. PNC Financial Services Group Inc. grew its position in shares of 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 acquiring an additional 1,109 shares during the period. Great West Life Assurance Co. Can grew its position in shares of Synovus Financial by 10.3% during the 1st quarter. Great West Life Assurance Co. Can now owns 82,348 shares of the bank’s stock valued at $4,147,000 after acquiring an additional 7,682 shares during the period. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Synovus Financial during the 1st quarter valued at $74,000. 83.85% of the stock is owned by 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.