Synovus Financial (NYSE:SNV) Stock Rating Lowered by Raymond James Financial

Key Points

• Synovus Financial has been downgraded from a "moderate buy" to a "hold" rating by Raymond James Financial analysts, reflecting a more cautious outlook on the stock.
• Despite the downgrade, other analysts have varying opinions, with DA Davidson raising its target price to $63.00 and maintaining a "buy" rating, while Wells Fargo decreased its price target from $62.00 to $58.00.
• Synovus Financial reported strong quarterly earnings of $1.48 per share, surpassing expectations, with a consensus estimate predicting a 4.89 EPS for the current year.

Synovus Financial (NYSE:SNV - Get Free Report) was downgraded by stock analysts at Raymond James Financial from a "moderate buy" rating to a "hold" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other research analysts have also weighed in on the stock. Wall Street Zen upgraded shares of Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. DA Davidson upped their target price on shares of Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Royal Bank Of Canada lowered their target price on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Wells Fargo & Company lowered shares of Synovus Financial from a "strong-buy" rating to a "hold" rating and lowered their target price for the stock from $62.00 to $58.00 in a research report on Friday, July 25th. Finally, Jefferies Financial Group began coverage on shares of Synovus Financial in a research report on Wednesday, May 21st. They set a "hold" rating and a $55.00 target price on the stock. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $60.78.

Synovus Financial Stock Performance

Shares of Synovus Financial stock traded down $0.69 on Monday, reaching $46.55. 3,396,000 shares of the stock were exchanged, compared to its average volume of 1,615,007. Synovus Financial has a 1-year low of $35.94 and a 1-year high of $61.06. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77. The business has a fifty day moving average price of $50.98 and a two-hundred day moving average price of $49.27. The firm has a market capitalization of $6.47 billion, a PE ratio of 8.93, a PEG ratio of 0.81 and a beta of 1.19.

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

Insider Activity

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

Hedge Funds Weigh In On Synovus Financial

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