Synovus Financial (NYSE:SNV) Price Target Cut to $39.00

Synovus Financial (NYSE:SNV) had its price objective dropped by Truist Financial from $45.00 to $39.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. Truist Financial’s price target indicates a potential upside of 6.47% from the stock’s current price.

Several other brokerages have also recently issued reports on SNV. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $38.00 target price (down previously from $46.00) on shares of Synovus Financial in a research note on Friday, April 19th. Wells Fargo & Company cut their price target 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, April 19th. Evercore ISI boosted their price objective on Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a research report on Thursday, March 28th. JPMorgan Chase & Co. lowered their price objective on Synovus Financial from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Friday, April 19th. Finally, Raymond James downgraded Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $41.18.

Synovus Financial Trading Up 2.7 %

Shares of SNV opened at $36.63 on Monday. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $40.92. The company has a market cap of $5.36 billion, a P/E ratio of 12.54, a P/E/G ratio of 3.83 and a beta of 1.40. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. The company’s fifty day simple moving average is $37.91 and its 200-day simple moving average is $34.76.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The firm had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same quarter in the prior year, the business posted $1.33 earnings per share. The firm’s quarterly revenue was down 12.4% on a year-over-year basis. As a group, analysts expect that Synovus Financial will post 3.97 EPS for the current year.

Hedge Funds Weigh In On Synovus Financial

Several hedge funds and other institutional investors have recently modified their holdings of SNV. AE Wealth Management LLC increased its stake in shares of Synovus Financial by 36.2% in the 3rd quarter. AE Wealth Management LLC now owns 18,728 shares of the bank’s stock valued at $521,000 after buying an additional 4,980 shares during the period. Impact Partnership Wealth LLC acquired a new position in Synovus Financial during the third quarter worth approximately $132,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Synovus Financial in the third quarter valued at approximately $214,000. Raymond James Financial Services Advisors Inc. grew its position in shares of Synovus Financial by 11.2% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 22,867 shares of the bank’s stock valued at $636,000 after purchasing an additional 2,305 shares during the last quarter. Finally, Sippican Capital Advisors boosted its stake in shares of Synovus Financial by 7.2% in the third quarter. Sippican Capital Advisors now owns 7,400 shares of the bank’s stock valued at $206,000 after buying an additional 500 shares during the period. 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.