StockNews.com Lowers Synovus Financial (NYSE:SNV) to Sell

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

Several other analysts also recently weighed in on the company. Truist Financial lifted their price objective on Synovus Financial from $44.00 to $50.00 and gave the company a “buy” rating in a report on Friday, July 19th. Keefe, Bruyette & Woods lifted their price objective on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. lifted their price objective on Synovus Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. DA Davidson lifted their target price on Synovus Financial from $47.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Finally, Stephens lifted their target price on Synovus Financial from $43.00 to $46.00 and gave the company an “equal weight” rating in a research note on Friday, July 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $46.44.

Synovus Financial Trading Up 2.1 %

SNV stock opened at $44.63 on Thursday. The firm has a fifty day moving average price of $43.90 and a 200 day moving average price of $40.22. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $47.83. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The firm has a market cap of $6.54 billion, a PE ratio of 15.28, a price-to-earnings-growth ratio of 3.34 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. The firm had revenue of $563.60 million during the quarter, compared to analyst estimates of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. Synovus Financial’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period last year, the firm posted $1.16 earnings per share. Sell-side analysts anticipate that Synovus Financial will post 4.05 earnings per share for the current fiscal year.

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the sale, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Dana Investment Advisors Inc. raised its stake in shares of Synovus Financial by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock worth $1,437,000 after buying an additional 254 shares during the period. Teachers Retirement System of The State of Kentucky raised its stake in Synovus Financial by 6.0% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 112,937 shares of the bank’s stock valued at $4,539,000 after purchasing an additional 6,349 shares during the last quarter. Creative Planning raised its stake in Synovus Financial by 18.3% in the 2nd quarter. Creative Planning now owns 43,392 shares of the bank’s stock valued at $1,744,000 after purchasing an additional 6,710 shares during the last quarter. Algert Global LLC grew its holdings in Synovus Financial by 5.2% in the 2nd quarter. Algert Global LLC now owns 172,216 shares of the bank’s stock valued at $6,921,000 after buying an additional 8,436 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in Synovus Financial by 181.0% in the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after buying an additional 838,932 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

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.