Synovus Financial (NYSE:SNV) Price Target Cut to $54.00 by Analysts at Stephens

Key Points

• Synovus Financial's price target has been downgraded by analysts at Stephens from $60.00 to $54.00, indicating a potential upside of approximately 9.93% from its current price.
• Several other analysts have adjusted their ratings, with Raymond James moving from "moderate buy" to "hold" and Barclays reducing its target from $70.00 to $65.00.
• Despite the mixed reviews from analysts, Synovus maintains a consensus rating of "Moderate Buy," with 83.85% of its stock owned by institutional investors.

Synovus Financial (NYSE:SNV - Get Free Report) had its price objective reduced by Stephens from $60.00 to $54.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the bank's stock. Stephens' price objective points to a potential upside of 16.00% from the company's current price.

SNV has been the topic of several other reports. Keefe, Bruyette & Woods upgraded Synovus Financial from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $58.00 to $65.00 in a research report on Friday, July 18th. Royal Bank Of Canada reduced their target price on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. DA Davidson raised their price target on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $58.00 target price (down previously from $62.00) on shares of Synovus Financial in a research note on Friday, July 25th. Finally, JPMorgan Chase & Co. lifted their target price on Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $60.78.

Synovus Financial Stock Performance

NYSE SNV traded down $0.69 on Tuesday, reaching $46.55. The stock had a trading volume of 3,396,359 shares, compared to its average volume of 3,087,829. 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 12-month low of $35.94 and a 12-month high of $61.06. The business's 50-day moving average price is $50.97 and its 200 day moving average price is $49.22. The stock has a market cap of $6.47 billion, a P/E ratio of 8.93, a price-to-earnings-growth ratio of 0.80 and a beta of 1.21.

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

Insider Activity at Synovus Financial

In related news, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the business's stock in a transaction on Tuesday, July 29th. The stock was purchased at an average cost of $48.90 per share, for a total transaction of $97,800.00. Following the completion of the transaction, the chief financial officer directly owned 58,220 shares of the company's stock, valued at approximately $2,846,958. The trade was a 3.56% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Diana M. Murphy acquired 1,000 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were bought at an average price of $48.80 per share, with a total value of $48,800.00. Following the completion of 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 ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 8,040 shares of company stock valued at $392,916. 1.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. FMR LLC boosted its position in Synovus Financial by 3.6% in the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank's stock valued at $616,892,000 after buying an additional 415,201 shares in the last quarter. AQR Capital Management LLC boosted its position in Synovus Financial by 168.2% during the first quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank's stock valued at $130,546,000 after acquiring an additional 1,791,973 shares during the last quarter. Silvercrest Asset Management Group LLC boosted its position in Synovus Financial by 2.3% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 2,370,521 shares of the bank's stock valued at $121,442,000 after acquiring an additional 53,286 shares during the last quarter. First Trust Advisors LP boosted its position in Synovus Financial by 4.5% during the fourth quarter. First Trust Advisors LP now owns 1,827,247 shares of the bank's stock valued at $93,610,000 after acquiring an additional 77,876 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Synovus Financial by 5.8% during the first quarter. Bank of New York Mellon Corp now owns 1,577,840 shares of the bank's stock valued at $73,748,000 after purchasing an additional 86,694 shares during the period. 83.85% of the stock is owned by 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.