Synovus Financial (NYSE:SNV) Price Target Raised to $41.00

Synovus Financial (NYSE:SNV) had its price target lifted by research analysts at Morgan Stanley from $38.00 to $41.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s price target would suggest a potential downside of 9.81% from the company’s current price.

Other analysts have also issued research reports about the company. Bank of America reduced their target price on Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a report on Friday, April 19th. Raymond James lowered Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research note on Thursday, April 18th. Jefferies Financial Group upped their price objective on Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Piper Sandler boosted their target price on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, The Goldman Sachs Group decreased their target price on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a research report on Friday, April 19th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Synovus Financial has an average rating of “Moderate Buy” and a consensus target price of $45.81.

Synovus Financial Stock Performance

Shares of NYSE SNV traded up $0.37 during midday trading on Monday, hitting $45.46. 764,270 shares of the company’s stock were exchanged, compared to its average volume of 1,432,009. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $47.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. The firm has a market cap of $6.66 billion, a P/E ratio of 15.57, a PEG ratio of 3.69 and a beta of 1.40. The stock’s 50 day moving average price is $39.47 and its 200-day moving average price is $38.23.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company had revenue of $563.60 million for the quarter, compared to analyst estimates of $543.52 million. During the same period last year, the company earned $1.16 earnings per share. The company’s quarterly revenue was down .7% compared to the same quarter last year. Equities research analysts anticipate that Synovus Financial will post 3.92 EPS for the current year.

Insider Activity

In other news, major shareholder Eli Samaha sold 6,803 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total transaction of $171,571.66. Following the completion of the sale, the insider now directly owns 1,466,493 shares in the company, valued at $36,984,953.46. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP D Wayne Akins, Jr. acquired 24,500 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were purchased at an average cost of $37.40 per share, for a total transaction of $916,300.00. Following the transaction, the executive vice president now directly owns 41,884 shares of the company’s stock, valued at $1,566,461.60. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Eli Samaha sold 6,803 shares of Synovus Financial stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total transaction of $171,571.66. Following the transaction, the insider now owns 1,466,493 shares in the company, valued at approximately $36,984,953.46. The disclosure for this sale can be found here. Insiders sold a total of 179,712 shares of company stock worth $4,528,878 over the last quarter. Insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNV. Pacer Advisors Inc. lifted its holdings in shares of Synovus Financial by 78.9% in the fourth quarter. Pacer Advisors Inc. now owns 21,983 shares of the bank’s stock worth $828,000 after buying an additional 9,698 shares in the last quarter. Values First Advisors Inc. increased its holdings in Synovus Financial by 2.9% in the 4th quarter. Values First Advisors Inc. now owns 62,145 shares of the bank’s stock valued at $2,340,000 after acquiring an additional 1,735 shares during the last quarter. Inscription Capital LLC purchased a new stake in Synovus Financial in the 4th quarter worth $264,000. PFW Advisors LLC boosted its holdings in shares of Synovus Financial by 5.4% during the 4th quarter. PFW Advisors LLC now owns 8,433 shares of the bank’s stock valued at $318,000 after purchasing an additional 433 shares during the last quarter. Finally, Oak Thistle LLC purchased a new position in Synovus Financial during the 4th quarter valued at approximately $401,000. 83.85% of the stock is currently 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.