Synovus Financial (NYSE:SNV) Stock Rating Lowered by Raymond James

Synovus Financial (NYSE:SNV - Get Free Report) was downgraded by equities researchers at Raymond James from a "strong-buy" rating to a "market perform" rating in a note issued to investors on Thursday, MarketBeat.com reports.

A number of other equities analysts also recently issued reports on SNV. Royal Bank of Canada increased their price target on Synovus Financial from $42.00 to $44.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 9th. Wells Fargo & Company raised their price objective on Synovus Financial from $40.00 to $42.00 and gave the company an "overweight" rating in a research report on Wednesday, April 10th. Jefferies Financial Group dropped their price objective on Synovus Financial from $46.00 to $43.00 and set a "buy" rating on the stock in a research report on Monday, April 8th. UBS Group increased their price target on Synovus Financial from $42.00 to $44.00 and gave the company a "buy" rating in a research note on Tuesday, January 23rd. Finally, Truist Financial increased their price target on Synovus Financial from $42.00 to $45.00 and gave the company a "buy" rating in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $41.50.

Synovus Financial Price Performance

NYSE:SNV traded down $2.70 during trading hours on Thursday, reaching $33.92. The stock had a trading volume of 5,773,128 shares, compared to its average volume of 1,495,824. The company has a 50 day moving average price of $37.93 and a two-hundred day moving average price of $34.46. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $40.92. The stock has a market capitalization of $4.97 billion, a PE ratio of 9.80, a PEG ratio of 3.93 and a beta of 1.40. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV - Get Free Report) 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). The company had revenue of $537.73 million for the quarter, compared to analysts' expectations of $547.62 million. Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. The business's quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.33 EPS. As a group, sell-side analysts anticipate that Synovus Financial will post 4.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Tim E. Bentsen sold 4,671 shares of the company's stock in a transaction that occurred on 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 owns 33,144 shares in the company, valued at approximately $1,280,021.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the firm's stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total transaction of $78,180.35. Following the sale, the executive vice president now owns 11,086 shares in the company, valued at $423,817.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Tim E. Bentsen sold 4,671 shares of the firm's stock in a transaction on 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 owns 33,144 shares in the company, valued at approximately $1,280,021.28. The disclosure for this sale can be found here. Insiders own 0.81% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SNV. Allworth Financial LP raised its position in Synovus Financial by 333.5% in the fourth quarter. Allworth Financial LP now owns 724 shares of the bank's stock valued at $27,000 after purchasing an additional 557 shares during the period. International Assets Investment Management LLC purchased a new position in Synovus Financial in the fourth quarter valued at about $28,000. MeadowBrook Investment Advisors LLC purchased a new position in Synovus Financial in the fourth quarter valued at about $30,000. Lazard Asset Management LLC grew its stake in shares of Synovus Financial by 64.8% during the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank's stock valued at $30,000 after acquiring an additional 318 shares in the last quarter. Finally, First Command Advisory Services Inc. acquired a new stake in shares of Synovus Financial during the third quarter valued at about $33,000. 83.85% of the stock is owned by hedge funds and other 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.