Synovus Financial (NYSE:SNV) Lowered to "Hold (C+)" Rating by Weiss Ratings

Key Points

• Synovus Financial has been downgraded from a "buy (b-)" to a "hold (c+)" rating by Weiss Ratings, indicating a more cautious outlook from analysts.
• Other firms including Truist Financial and Raymond James have also adjusted their ratings and price targets, reflecting a consensus of cautious sentiment around the stock.
• Despite recent downgrades, the company reported strong earnings of $1.48 per share in July, beating expectations and showing healthy revenue growth.

Synovus Financial (NYSE:SNV - Get Free Report) was downgraded by investment analysts at Weiss Ratings from a "buy (b-)" rating to a "hold (c+)" rating in a report released on Wednesday,Weiss Ratings reports.

A number of other research firms have also recently weighed in on SNV. Truist Financial dropped their price target on Synovus Financial from $58.00 to $56.00 and set a "buy" rating for the company in a report on Wednesday, September 24th. Raymond James Financial downgraded Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday, July 28th. Wells Fargo & Company restated an "equal weight" rating and set a $58.00 target price (down from $62.00) on shares of Synovus Financial in a research note on Friday, July 25th. Barclays cut their target price on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating for the company in a research note on Monday, July 28th. Finally, Stephens cut their target price on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 29th. Nine research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $58.50.

Synovus Financial Stock Down 0.3%

Shares of SNV stock traded down $0.13 during trading hours on Wednesday, reaching $47.55. The company had a trading volume of 1,336,217 shares, compared to its average volume of 1,677,791. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. Synovus Financial has a twelve month low of $35.94 and a twelve month high of $61.06. The company has a market capitalization of $6.60 billion, a P/E ratio of 9.13, a price-to-earnings-growth ratio of 0.80 and a beta of 1.21. The stock's fifty day simple moving average is $49.76 and its 200 day simple moving average is $48.47.

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

Insider Buying and Selling at Synovus Financial

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

Institutional Investors Weigh In On Synovus Financial

Several hedge funds have recently modified their holdings of SNV. Cerity Partners LLC grew its position in shares of Synovus Financial by 50.9% during the first quarter. Cerity Partners LLC now owns 23,879 shares of the bank's stock worth $1,116,000 after buying an additional 8,059 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in Synovus Financial in the first quarter worth approximately $251,000. First Citizens Bank & Trust Co. boosted its position in Synovus Financial by 32.8% during the first quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock worth $1,081,000 after purchasing an additional 5,717 shares during the period. Jackson Creek Investment Advisors LLC bought a new position in Synovus Financial in the first quarter worth $237,000. Finally, Tradewinds LLC. bought a new position in shares of Synovus Financial during the first quarter valued at $351,000. 83.85% of the stock is 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.

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