Stephens Lowers Synovus Financial (NYSE:SNV) Price Target to $51.00

Key Points

• Stephens has lowered its price target for Synovus Financial from $54.00 to $51.00, maintaining an "equal weight" rating, which suggests a potential upside of 15.54% from the current price.
• Other analysts have also made adjustments: Keefe, Bruyette & Woods downgraded Synovus from "outperform" to "market perform" with a target of $50.00, while Wells Fargo reduced their target to $58.00.
• Despite recent downgrades, nine analysts still rate the stock as a Buy, with a consensus price target of $58.33.

Synovus Financial (NYSE:SNV - Get Free Report) had its price target cut by analysts at Stephens from $54.00 to $51.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an "equal weight" rating on the bank's stock. Stephens' price objective indicates a potential upside of 15.54% from the company's current price.

SNV has been the subject of several other research reports. Keefe, Bruyette & Woods downgraded Synovus Financial from an "outperform" rating to a "market perform" rating and reduced their price objective for the stock from $65.00 to $50.00 in a report on Tuesday, August 12th. Weiss Ratings downgraded Synovus Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, October 8th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $58.00 price target (down previously from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Morgan Stanley lifted their price objective on Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Friday, July 18th. Finally, DA Davidson restated a "buy" rating and set a $63.00 target price on shares of Synovus Financial in a research report on Thursday. Nine analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $58.33.

Synovus Financial Stock Performance

Synovus Financial stock opened at $44.14 on Friday. The stock has a 50-day simple moving average of $49.64 and a 200 day simple moving average of $48.41. The stock has a market capitalization of $6.13 billion, a price-to-earnings ratio of 8.24, a P/E/G ratio of 0.84 and a beta of 1.21. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. Synovus Financial has a 12-month low of $35.94 and a 12-month high of $61.06.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.10. Synovus Financial had a net margin of 21.97% and a return on equity of 16.45%. The firm had revenue of $612.79 million during the quarter, compared to analysts' expectations of $604.59 million. During the same quarter last year, the company posted $1.23 EPS. The company's quarterly revenue was up 9.0% compared to the same quarter last year. On average, research analysts anticipate that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Diana M. Murphy purchased 1,000 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the transaction, the director directly owned 40,171 shares of the company's stock, valued at approximately $1,960,344.80. The trade was a 2.55% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Kevin S. Blair acquired 4,040 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average price of $49.40 per share, with a total value of $199,576.00. Following the acquisition, the chief executive officer owned 164,378 shares of the company's stock, valued at approximately $8,120,273.20. This trade represents a 2.52% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 8,040 shares of company stock valued at $392,916. Insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On Synovus Financial

Several hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC increased its stake in shares of Synovus Financial by 37.5% during the 1st quarter. GAMMA Investing LLC now owns 5,368 shares of the bank's stock worth $251,000 after purchasing an additional 1,465 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Synovus Financial by 122.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 60,405 shares of the bank's stock worth $2,823,000 after purchasing an additional 33,294 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Synovus Financial by 0.5% during the first quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank's stock worth $2,412,000 after buying an additional 249 shares in the last quarter. State of Alaska Department of Revenue boosted its position in shares of Synovus Financial by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 16,535 shares of the bank's stock valued at $772,000 after acquiring an additional 382 shares during the period. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in shares of Synovus Financial in the first quarter valued at about $251,000. 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.

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