Truist Financial Has Lowered Expectations for Synovus Financial (NYSE:SNV) Stock Price

Key Points

• Truist Financial has lowered its price target for Synovus Financial from $58.00 to $56.00 while maintaining a "buy" rating, suggesting a potential upside of 12.72% from its previous close.
• Other analysts have also adjusted their price targets, with Barclays lowering theirs from $70.00 to $65.00 and UBS Group from $63.00 to $56.00, indicating a broader trend of reduced expectations for the stock.
• Despite these reductions, Synovus Financial still maintains a "Moderate Buy" rating with an average price target of $58.61, supported by nine "Buy" ratings and nine "Hold" ratings from analysts.

Synovus Financial (NYSE:SNV - Get Free Report) had its price objective cut by equities researchers at Truist Financial from $58.00 to $56.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the bank's stock. Truist Financial's price target would indicate a potential upside of 12.72% from the stock's previous close.

A number of other equities research analysts have also issued reports on the stock. Barclays reduced their target price on shares of Synovus Financial from $70.00 to $65.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. Keefe, Bruyette & Woods lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating and reduced their target price for the stock from $65.00 to $50.00 in a report on Tuesday, August 12th. UBS Group lowered shares of Synovus Financial from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $63.00 to $56.00 in a report on Tuesday, September 2nd. Wells Fargo & Company reiterated 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. Finally, Stephens reduced their target price on shares of Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 29th. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, Synovus Financial presently has an average rating of "Moderate Buy" and an average price target of $58.61.

Synovus Financial Price Performance

SNV traded down $0.11 on Wednesday, reaching $49.68. 552,705 shares of the company's stock were exchanged, compared to its average volume of 1,640,904. The stock has a market cap of $6.90 billion, a PE ratio of 9.53, a P/E/G ratio of 0.84 and a beta of 1.22. Synovus Financial has a twelve month low of $35.94 and a twelve month high of $61.06. The stock's fifty day moving average price is $50.78 and its 200-day moving average price is $48.26. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results 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 net margin of 21.52% and a return on equity of 16.20%. The firm had revenue of $592.08 million for the quarter, compared to analyst estimates of $584.89 million. During the same period in the previous year, the business posted $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. Sell-side analysts expect that Synovus Financial will post 4.89 EPS for the current year.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Diana M. Murphy bought 1,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were bought at an average price of $48.80 per share, for a total transaction of $48,800.00. Following the acquisition, the director directly owned 40,171 shares of the company's stock, valued at approximately $1,960,344.80. This trade represents a 2.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gregory G. Montana acquired 1,000 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average price of $46.74 per share, for a total transaction of $46,740.00. Following the acquisition, the director directly owned 4,341 shares of the company's stock, valued at $202,898.34. The trade was a 29.93% increase in their position. 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 90 days. Insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fifth Third Bancorp lifted its holdings in shares of Synovus Financial by 4.9% during the second quarter. Fifth Third Bancorp now owns 4,082 shares of the bank's stock valued at $211,000 after acquiring an additional 189 shares during the period. Janney Montgomery Scott LLC lifted its holdings in shares of Synovus Financial by 0.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank's stock valued at $2,412,000 after purchasing an additional 249 shares in the last quarter. State of Michigan Retirement System boosted its position in Synovus Financial by 0.9% during the 1st quarter. State of Michigan Retirement System now owns 33,804 shares of the bank's stock worth $1,580,000 after acquiring an additional 300 shares during the last quarter. UMB Bank n.a. raised its stake in shares of Synovus Financial by 17.0% during the 2nd quarter. UMB Bank n.a. now owns 2,118 shares of the bank's stock worth $110,000 after purchasing an additional 308 shares in the last quarter. Finally, Greenleaf Trust raised its stake in Synovus Financial by 5.2% in the 1st quarter. Greenleaf Trust now owns 6,425 shares of the bank's stock valued at $300,000 after acquiring an additional 318 shares during the period. 83.85% of the stock is owned by institutional investors.

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.

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