Synovus Financial (NYSE:SNV) Downgraded to “Equal Weight” at Wells Fargo & Company

Synovus Financial (NYSE:SNV) was downgraded by equities research analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report issued on Tuesday, Briefing.com reports. They currently have a $46.00 price target on the bank’s stock, down from their previous price target of $48.00. Wells Fargo & Company‘s price objective indicates a potential upside of 3.44% from the company’s current price.

A number of other analysts have also commented on SNV. Royal Bank of Canada lifted their target price on shares of Synovus Financial from $45.00 to $49.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Keefe, Bruyette & Woods increased their target price on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a research note on Tuesday, July 9th. JPMorgan Chase & Co. raised their target price on Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. StockNews.com cut Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, September 12th. Finally, Morgan Stanley lifted their price objective on shares of Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.06.

Synovus Financial Stock Up 1.5 %

Shares of SNV opened at $44.47 on Tuesday. The firm has a market capitalization of $6.40 billion, a price-to-earnings ratio of 15.23, a PEG ratio of 3.29 and a beta of 1.39. Synovus Financial has a 52 week low of $24.40 and a 52 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 business’s fifty day moving average price is $44.16 and its two-hundred day moving average price is $40.68.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, topping 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 firm had revenue of $563.60 million during 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 revenue was down .7% on a year-over-year basis. On average, analysts predict that Synovus Financial will post 4.21 earnings per share for the current year.

Insider Buying and Selling

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the business’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 approximately $685,284.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.81% of the stock is owned by corporate insiders.

Institutional Trading of Synovus Financial

A number of institutional investors have recently made changes to their positions in SNV. Innealta Capital LLC bought a new position in Synovus Financial in the second quarter valued at $43,000. Abich Financial Wealth Management LLC increased its position in shares of Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after acquiring an additional 371 shares during the last quarter. Fidelis Capital Partners LLC bought a new stake in Synovus Financial during the first quarter worth about $51,000. Headlands Technologies LLC boosted its position in Synovus Financial by 404.8% during the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock valued at $55,000 after purchasing an additional 1,105 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in Synovus Financial by 18.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after purchasing an additional 298 shares in the last quarter. Institutional investors own 83.85% of the company’s stock.

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.