Synovus Financial (NYSE:SNV) Price Target Lowered to $55.00 at Truist Financial

Key Points

• Truist Financial has reduced its price target for Synovus Financial from $56.00 to $55.00, indicating a potential upside of 21.81% from the company's previous close, while maintaining a "buy" rating.
• Synovus Financial reported $1.46 earnings per share (EPS) for the most recent quarter, exceeding expectations and demonstrating 9.0% year-over-year revenue growth.
• Despite multiple analysts lowering their price targets, Synovus has received ratings of "Buy" from nine analysts and "Hold" from ten analysts, with an average price target of $58.61.

Synovus Financial (NYSE:SNV - Get Free Report) had its price objective reduced by equities researchers at Truist Financial from $56.00 to $55.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the bank's stock. Truist Financial's target price would indicate a potential upside of 21.81% from the company's previous close.

A number of other equities research analysts have also weighed in on SNV. Wells Fargo & Company reissued an "equal weight" rating and set a $58.00 target price (down from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Stephens reduced their target price on shares of Synovus Financial from $54.00 to $51.00 and set an "equal weight" rating on the stock in a report on Friday. Raymond James Financial lowered shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a report on Monday, July 28th. Barclays reduced their price objective on shares of Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. Finally, UBS Group lowered shares of Synovus Financial from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $63.00 to $56.00 in a research note on Tuesday, September 2nd. Nine investment 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, Synovus Financial has an average rating of "Hold" and a consensus price target of $58.61.

Synovus Financial Price Performance

Shares of Synovus Financial stock traded up $1.02 during midday trading on Friday, hitting $45.15. 117,452 shares of the company traded hands, compared to its average volume of 1,637,804. The stock has a market cap of $6.27 billion, a price-to-earnings ratio of 8.42, a PEG ratio of 0.84 and a beta of 1.21. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. The firm's fifty day moving average price is $49.64 and its 200-day moving average price is $48.41. 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 announced its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.10. The company had revenue of $612.79 million for the quarter, compared to analyst estimates of $604.59 million. Synovus Financial had a net margin of 21.97% and a return on equity of 16.45%. The firm's revenue was up 9.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.23 EPS. As a group, sell-side analysts forecast that Synovus Financial will post 4.89 earnings per share for the current year.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Diana M. Murphy acquired 1,000 shares of the stock in a transaction on Tuesday, July 29th. The shares were purchased 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 owned 40,171 shares in the company, valued at approximately $1,960,344.80. This represents a 2.55% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the stock in a transaction on Tuesday, July 29th. The shares were acquired at an average price of $48.90 per share, for a total transaction of $97,800.00. Following the acquisition, the chief financial officer 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 disclosure for this purchase can be found here. In the last three months, insiders have bought 8,040 shares of company stock worth $392,916. Corporate insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC grew its stake in shares of Synovus Financial by 37.5% in the 1st quarter. GAMMA Investing LLC now owns 5,368 shares of the bank's stock worth $251,000 after acquiring an additional 1,465 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Synovus Financial by 122.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 60,405 shares of the bank's stock worth $2,823,000 after acquiring an additional 33,294 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Synovus Financial by 0.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank's stock worth $2,412,000 after acquiring an additional 249 shares in the last quarter. State of Alaska Department of Revenue grew its stake in shares of Synovus Financial by 2.4% in the 1st quarter. State of Alaska Department of Revenue now owns 16,535 shares of the bank's stock worth $772,000 after acquiring an additional 382 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. bought a new stake in shares of Synovus Financial in the 1st quarter worth $251,000. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.