Synovus Financial (NYSE:SNV) Stock Rating Lowered by StockNews.com

Synovus Financial (NYSE:SNV) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Friday.

SNV has been the subject of a number of other reports. Piper Sandler boosted their price target on shares of Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Wells Fargo & Company boosted their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. JPMorgan Chase & Co. boosted their price target on shares of Synovus Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Truist Financial boosted their price target on shares of Synovus Financial from $44.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Finally, Barclays boosted their price target on shares of Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $46.44.

Synovus Financial Stock Performance

Shares of SNV stock opened at $46.12 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. The firm has a fifty day moving average price of $42.97 and a 200 day moving average price of $39.75. The company has a market cap of $6.75 billion, a P/E ratio of 15.79, a PEG ratio of 3.54 and a beta of 1.40. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $47.83.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. The firm had revenue of $563.60 million during the quarter, compared to the consensus estimate of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company’s revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.16 earnings per share. Sell-side analysts predict that Synovus Financial will post 4.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, major shareholder Eli Samaha sold 172,889 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $25.20, for a total value of $4,356,802.80. Following the completion of the transaction, the insider now directly owns 1,293,259 shares of the company’s stock, valued at $32,590,126.80. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the transaction, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Eli Samaha sold 172,889 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the transaction, the insider now directly owns 1,293,259 shares of the company’s stock, valued at $32,590,126.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 180,326 shares of company stock valued at $4,557,245. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SNV. International Assets Investment Management LLC purchased a new position in shares of Synovus Financial during the 4th quarter worth approximately $28,000. MeadowBrook Investment Advisors LLC purchased a new stake in Synovus Financial in the 4th quarter worth approximately $30,000. American National Bank purchased a new stake in Synovus Financial in the 4th quarter worth approximately $38,000. Innealta Capital LLC purchased a new stake in Synovus Financial in the 2nd quarter worth approximately $43,000. Finally, Abich Financial Wealth Management LLC grew its stake in Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after acquiring an additional 371 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

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.