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 dropped by Stephens from $60.00 to $54.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the bank's stock. Stephens' price target points to a potential upside of 16.00% from the company's previous close.

A number of other research analysts have also weighed in on the company. DA Davidson upped their price objective on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Jefferies Financial Group started coverage on Synovus Financial in a research report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 price target for the company. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $58.00 price objective (down previously from $62.00) on shares of Synovus Financial in a research note on Friday, July 25th. Truist Financial increased their price objective on Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Finally, Royal Bank Of Canada decreased their price objective on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Synovus Financial has a consensus rating of "Moderate Buy" and a consensus target price of $60.78.

Synovus Financial Stock Performance

Shares of Synovus Financial stock traded down $0.69 during trading hours on Tuesday, hitting $46.55. 3,396,359 shares of the company were exchanged, compared to its average volume of 1,619,456. The business has a 50-day moving average of $50.98 and a 200-day moving average of $49.27. Synovus Financial has a 1 year low of $35.94 and a 1 year high of $61.06. The stock has a market capitalization of $6.47 billion, a price-to-earnings ratio of 8.93, a P/E/G ratio of 0.81 and a beta of 1.19. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, topping 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 firm had revenue of $592.08 million for the quarter, compared to analyst estimates of $584.89 million. During the same quarter in the prior year, the company posted $1.16 earnings per share. As a group, analysts expect that Synovus Financial will post 4.89 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Diana M. Murphy acquired 1,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average price of $48.80 per share, for a total transaction of $48,800.00. Following the completion of the acquisition, the director directly owned 40,171 shares in the company, valued at $1,960,344.80. This represents a 2.55% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CFO Andrew J. Jr. Gregory bought 2,000 shares of Synovus Financial stock in a transaction dated Tuesday, July 29th. The shares were bought at an average cost of $48.90 per share, with a total value of $97,800.00. Following the completion of the acquisition, the chief financial officer owned 58,220 shares of the company's stock, valued at $2,846,958. The trade was a 3.56% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 8,040 shares of company stock valued at $392,916 over the last three months. 1.00% of the stock is currently owned by company insiders.

Institutional Trading of Synovus Financial

Several institutional investors and hedge funds have recently bought and sold shares of SNV. Colonial Trust Co SC raised its position in Synovus Financial by 554.4% during the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock valued at $30,000 after buying an additional 499 shares during the period. Armstrong Advisory Group Inc. acquired a new position in Synovus Financial during the second quarter valued at $41,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Synovus Financial during the first quarter valued at $47,000. IFP Advisors Inc raised its position in Synovus Financial by 650.4% during the second quarter. IFP Advisors Inc now owns 1,058 shares of the bank's stock valued at $60,000 after buying an additional 917 shares during the period. Finally, Cullen Frost Bankers Inc. acquired a new position in Synovus Financial during the second quarter valued at $60,000. Institutional investors and hedge funds 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.