Synovus Financial (NYSE:SNV) PT Raised to $49.00

Synovus Financial (NYSE:SNV) had its target price raised by stock analysts at JPMorgan Chase & Co. from $48.00 to $49.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 21.92% from the stock’s previous close.

A number of other brokerages also recently issued reports on SNV. Raymond James downgraded Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research note on Thursday, April 18th. Bank of America cut their price objective on Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, April 19th. Evercore ISI boosted 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. Truist Financial lowered their price target on Synovus Financial from $45.00 to $39.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $37.00 price target on shares of Synovus Financial in a report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Synovus Financial has a consensus rating of “Moderate Buy” and an average price target of $42.00.

Synovus Financial Trading Up 5.9 %

Synovus Financial stock opened at $40.19 on Thursday. The business has a 50-day simple moving average of $38.09 and a two-hundred day simple moving average of $37.78. The company has a market cap of $5.89 billion, a P/E ratio of 13.76, a P/E/G ratio of 5.10 and a beta of 1.41. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $40.92. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The firm had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The company’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.33 earnings per share. Analysts predict that Synovus Financial will post 3.82 EPS for the current year.

Insider Activity at Synovus Financial

In related news, major shareholder Eli Samaha sold 6,803 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total transaction of $171,571.66. Following the sale, the insider now owns 1,466,493 shares in the company, valued at approximately $36,984,953.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Synovus Financial news, major shareholder Eli Samaha sold 6,803 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total value of $171,571.66. Following the transaction, the insider now owns 1,466,493 shares of the company’s stock, valued at approximately $36,984,953.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP D Wayne Akins, Jr. acquired 24,500 shares of the business’s stock in a transaction on Friday, June 7th. The stock was acquired 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 in the company, valued at $1,566,461.60. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 179,712 shares of company stock worth $4,528,878. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Hedge funds have recently bought and sold shares of the business. Allworth Financial LP grew its position in shares of Synovus Financial by 333.5% during the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after buying an additional 557 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Synovus Financial during the 4th quarter worth $28,000. MeadowBrook Investment Advisors LLC bought a new position in shares of Synovus Financial during the 4th quarter worth $30,000. American National Bank purchased a new stake in shares of Synovus Financial during the 4th quarter worth $38,000. Finally, Tennessee Valley Asset Management Partners purchased a new stake in shares of Synovus Financial during the 4th quarter worth $42,000. 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.