DA Davidson Cuts Synovus Financial (NYSE:SNV) Price Target to $43.00

Synovus Financial (NYSE:SNV) had its price objective decreased by analysts at DA Davidson from $45.00 to $43.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. DA Davidson’s target price indicates a potential upside of 22.51% from the stock’s current price.

Other research analysts also recently issued reports about the company. Raymond James downgraded Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research note on Thursday. Barclays dropped their price target on Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating for the company in a report on Friday. Evercore ISI lifted their price target on Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a report on Thursday, March 28th. UBS Group lifted their price objective on Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. Finally, Wells Fargo & Company cut their target price on Synovus Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Synovus Financial presently has a consensus rating of “Hold” and an average price target of $41.69.

Synovus Financial Stock Performance

Shares of SNV stock traded up $1.20 during trading hours on Friday, reaching $35.10. 1,376,944 shares of the company’s stock were exchanged, compared to its average volume of 1,493,265. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $40.92. The stock has a market capitalization of $5.14 billion, a P/E ratio of 11.99, a P/E/G ratio of 3.93 and a beta of 1.40. The business has a fifty day moving average price of $37.93 and a 200-day moving average price of $34.46. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, April 17th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 13.08%. The firm had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. During the same quarter in the previous year, the company posted $1.33 earnings per share. The business’s revenue for the quarter was down 12.4% compared to the same quarter last year. Analysts predict that Synovus Financial will post 4.05 EPS for the current fiscal year.

Insider Activity

In other news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the transaction, the director now owns 33,144 shares in the company, valued at $1,280,021.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the transaction, the executive vice president now directly owns 11,086 shares in the company, valued at $423,817.78. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total value of $180,394.02. Following the sale, the director now directly owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

Several hedge funds have recently added to or reduced their stakes in SNV. Wellington Management Group LLP lifted its stake in shares of Synovus Financial by 56.9% in the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after acquiring an additional 2,843,488 shares during the last quarter. Channing Capital Management LLC bought a new stake in shares of Synovus Financial in the 4th quarter valued at about $72,201,000. Norges Bank bought a new stake in shares of Synovus Financial in the 4th quarter valued at about $59,941,000. North Reef Capital Management LP lifted its stake in shares of Synovus Financial by 52.7% in the 3rd quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock valued at $124,683,000 after acquiring an additional 1,548,370 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Synovus Financial by 24.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock valued at $194,951,000 after acquiring an additional 1,016,231 shares during the last quarter. Institutional investors 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.