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

Synovus Financial (NYSE:SNV) had its price objective dropped by analysts at Royal Bank of Canada from $44.00 to $41.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the bank’s stock. Royal Bank of Canada’s target price points to a potential upside of 17.82% from the stock’s current price.

Several other equities analysts have also recently issued reports on the company. Evercore ISI raised their price objective on Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a research note on Thursday, March 28th. Wells Fargo & Company reduced their price objective on Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday. StockNews.com cut Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, February 15th. UBS Group raised their price objective on Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, January 23rd. Finally, 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. One analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $41.53.

Synovus Financial Stock Up 2.7 %

NYSE SNV traded up $0.90 on Friday, reaching $34.80. The company had a trading volume of 1,595,216 shares, compared to its average volume of 1,496,268. The firm has a market capitalization of $5.10 billion, a PE ratio of 11.92, a P/E/G ratio of 3.93 and a beta of 1.40. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $40.92. The firm has a 50-day moving average of $37.93 and a 200-day moving average of $34.46. 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 earnings results on Wednesday, April 17th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20). The business had revenue of $537.73 million for 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 business’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.33 earnings per share. On average, equities research analysts anticipate that Synovus Financial will post 4.05 EPS for the current fiscal year.

Insiders Place Their Bets

In other Synovus Financial news, 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 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 approximately $423,817.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other 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 transaction of $180,394.02. Following the completion of the sale, the director now directly 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 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 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 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. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. State of Michigan Retirement System increased its position in Synovus Financial by 2.3% in the 1st quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock worth $1,438,000 after buying an additional 800 shares during the period. Asio Capital LLC grew its holdings in shares of Synovus Financial by 1.1% during the 1st quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock worth $5,141,000 after purchasing an additional 1,428 shares in the last quarter. Cooper Financial Group acquired a new stake in shares of Synovus Financial during the 1st quarter worth approximately $203,000. Mather Group LLC. acquired a new stake in shares of Synovus Financial during the 1st quarter worth approximately $144,000. Finally, GAMMA Investing LLC grew its holdings in shares of Synovus Financial by 22.4% during the 1st quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock worth $120,000 after purchasing an additional 548 shares in the last quarter. 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.