Synovus Financial (NYSE:SNV) Given New $39.00 Price Target at Truist Financial

Synovus Financial (NYSE:SNV - Get Free Report) had its price target decreased by research analysts at Truist Financial from $45.00 to $39.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a "buy" rating on the bank's stock. Truist Financial's price objective would suggest a potential upside of 9.30% from the company's previous close.

A number of other research firms also recently commented on SNV. Raymond James downgraded shares of Synovus Financial from a "strong-buy" rating to a "market perform" rating in a research note on Thursday. Royal Bank of Canada reduced their price objective on shares of Synovus Financial from $44.00 to $41.00 and set an "outperform" rating on the stock in a research note on Friday. JPMorgan Chase & Co. reduced their price objective on shares of Synovus Financial from $50.00 to $48.00 and set an "overweight" rating on the stock in a research note on Friday. StockNews.com downgraded shares of Synovus Financial from a "hold" rating to a "sell" rating in a research note on Thursday, February 15th. Finally, DA Davidson reduced their price target on shares of Synovus Financial from $45.00 to $43.00 and set a "buy" rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $41.18.

Synovus Financial Trading Up 2.2 %

Shares of Synovus Financial stock traded up $0.77 during trading hours on Monday, hitting $35.68. The company's stock had a trading volume of 1,804,604 shares, compared to its average volume of 1,514,268. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $40.92. The business has a fifty day moving average of $37.88 and a 200 day moving average of $34.69. The company has a market capitalization of $5.22 billion, a PE ratio of 12.22, a P/E/G ratio of 3.83 and a beta of 1.40. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45.

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

Insiders Place Their Bets

In other Synovus Financial news, 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 transaction of $180,394.02. Following the transaction, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial 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 transaction, the director now owns 33,144 shares of the company's stock, valued at approximately $1,280,021.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following the sale, the executive vice president now owns 11,086 shares of the company's stock, valued at approximately $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

Hedge funds have recently bought and sold shares of the company. State of Michigan Retirement System increased its stake 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 purchasing an additional 800 shares during the period. Asio Capital LLC increased its stake in Synovus Financial by 1.1% in 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 during the period. Cooper Financial Group purchased a new position in Synovus Financial in the 1st quarter worth approximately $203,000. Mather Group LLC. purchased a new position in Synovus Financial in the 1st quarter worth approximately $144,000. Finally, GAMMA Investing LLC increased its stake in Synovus Financial by 22.4% in 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 during the period. Institutional investors own 83.85% of the company's stock.

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.