JPMorgan Chase & Co. Cuts Synovus Financial (NYSE:SNV) Price Target to $52.00

Synovus Financial (NYSE:SNV) had its price target cut by equities researchers at JPMorgan Chase & Co. from $55.00 to $52.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 19.35% from the stock’s current price.

SNV has been the topic of a number of other research reports. Stephens boosted their price target on Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, July 19th. Piper Sandler increased their price target on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Barclays upped their price objective on shares of Synovus Financial from $46.00 to $47.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 12th. Finally, Royal Bank of Canada upped their price target on Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a research report 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.63.

Synovus Financial Stock Up 1.2 %

SNV stock traded up $0.52 during mid-day trading on Wednesday, hitting $43.57. 1,384,062 shares of the company were exchanged, compared to its average volume of 1,383,859. The firm has a market cap of $6.27 billion, a P/E ratio of 14.92, a P/E/G ratio of 3.44 and a beta of 1.38. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $47.83. The firm’s 50 day simple moving average is $43.71 and its 200 day simple moving average is $40.88. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. The company had revenue of $563.60 million for 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 firm’s revenue was down .7% compared to the same quarter last year. During the same period last year, the company earned $1.16 earnings per share. On average, sell-side analysts predict that Synovus Financial will post 4.03 EPS for the current fiscal year.

Insider Activity

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction 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 completion of the sale, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at $685,284.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Hedge funds have recently made changes to their positions in the stock. Hancock Whitney Corp grew its position in shares of Synovus Financial by 20.7% during the 4th quarter. Hancock Whitney Corp now owns 66,294 shares of the bank’s stock valued at $2,496,000 after purchasing an additional 11,379 shares in the last quarter. Eventide Asset Management LLC purchased a new stake in shares of Synovus Financial in the 4th quarter valued at $968,000. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Synovus Financial by 33.0% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 110,375 shares of the bank’s stock valued at $4,155,000 after acquiring an additional 27,413 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Synovus Financial during the fourth quarter valued at approximately $338,000. Finally, Wellington Management Group LLP increased its position in shares of Synovus Financial by 56.9% in the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after acquiring an additional 2,843,488 shares during the period. 83.85% of the stock is currently 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.