JPMorgan Chase & Co. Cuts Synovus Financial (NYSE:SNV) Price Target to $58.00

Key Points

• JPMorgan Chase & Co. has lowered its price target for Synovus Financial from $65.00 to $58.00, maintaining an "overweight" rating despite the decrease.
• In contrast, Morgan Stanley has increased its price target for Synovus Financial to $61.00, while nine analysts have rated the stock as a "Buy" and nine as a "Hold".
• Synovus Financial recently reported earnings of $1.48 per share, exceeding analysts' expectations, with a current price trading at $48.70 after a slight decline.

Synovus Financial (NYSE:SNV - Get Free Report) had its price objective decreased by stock analysts at JPMorgan Chase & Co. from $65.00 to $58.00 in a report released on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 19.10% from the stock's previous close.

SNV has been the subject of a number of other reports. Morgan Stanley upped their price objective on shares of Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. Wall Street Zen upgraded Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. DA Davidson upped their price objective on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Raymond James Financial cut Synovus Financial from a "moderate buy" rating to a "hold" rating in a research note on Monday, July 28th. Finally, Truist Financial dropped their price objective on shares of Synovus Financial from $58.00 to $56.00 and set a "buy" rating on the stock in a report on Wednesday, September 24th. Nine analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $58.50.

Synovus Financial Trading Down 0.8%

Shares of Synovus Financial stock traded down $0.38 during trading hours on Wednesday, reaching $48.70. The stock had a trading volume of 115,476 shares, compared to its average volume of 1,634,130. The firm has a 50 day simple moving average of $50.18 and a two-hundred day simple moving average of $48.43. The firm has a market capitalization of $6.76 billion, a price-to-earnings ratio of 9.35, a P/E/G ratio of 0.83 and a beta of 1.22. Synovus Financial has a 1 year low of $35.94 and a 1 year high of $61.06. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, beating analysts' consensus estimates of $1.25 by $0.23. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. The firm had revenue of $592.08 million for the quarter, compared to analysts' expectations of $584.89 million. During the same period in the previous year, the company posted $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Synovus Financial will post 4.89 earnings per share for the current year.

Insider Transactions at Synovus Financial

In other news, CFO Andrew J. Jr. Gregory bought 2,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average price of $48.90 per share, for a total transaction of $97,800.00. Following the acquisition, the chief financial officer directly owned 58,220 shares of the company's stock, valued at $2,846,958. The trade was a 3.56% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Kevin S. Blair bought 4,040 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The shares were bought at an average price of $49.40 per share, with a total value of $199,576.00. Following the completion of the purchase, the chief executive officer owned 164,378 shares in the company, valued at approximately $8,120,273.20. The trade was a 2.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 8,040 shares of company stock worth $392,916. 1.00% of the stock is owned by corporate insiders.

Institutional Trading of Synovus Financial

Several institutional investors have recently made changes to their positions in the business. Corient Private Wealth LLC grew its position in Synovus Financial by 14.5% in the second quarter. Corient Private Wealth LLC now owns 11,390 shares of the bank's stock valued at $590,000 after acquiring an additional 1,441 shares during the period. Squarepoint Ops LLC increased its stake in shares of Synovus Financial by 3.0% in the 2nd quarter. Squarepoint Ops LLC now owns 93,016 shares of the bank's stock valued at $4,814,000 after acquiring an additional 2,681 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in Synovus Financial by 33.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 220,686 shares of the bank's stock worth $11,420,000 after acquiring an additional 55,435 shares during the last quarter. State of Wyoming bought a new stake in Synovus Financial in the second quarter valued at approximately $203,000. Finally, Winslow Asset Management Inc. boosted its position in shares of Synovus Financial by 14.9% during the second quarter. Winslow Asset Management Inc. now owns 13,291 shares of the bank's stock worth $688,000 after purchasing an additional 1,728 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.