Synovus Financial (NYSE:SNV) Given New $42.00 Price Target at Piper Sandler

Synovus Financial (NYSE:SNV) had its target price dropped by equities research analysts at Piper Sandler from $46.00 to $42.00 in a report released on Friday, Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Piper Sandler’s target price suggests a potential upside of 20.69% from the stock’s current price.

A number of other equities analysts also recently weighed in on SNV. Wells Fargo & Company dropped their target price on Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Friday. DA Davidson dropped their price objective on Synovus Financial from $45.00 to $43.00 and set a “buy” rating on the stock in a report on Friday. Truist Financial increased their price objective on Synovus Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, April 1st. The Goldman Sachs Group dropped their price objective on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Royal Bank of Canada increased their price objective on Synovus Financial from $42.00 to $44.00 and gave the stock an “outperform” rating in a report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $41.53.

Synovus Financial Stock Up 2.7 %

Shares of SNV traded up $0.90 during trading hours on Friday, reaching $34.80. The company’s stock had a trading volume of 1,595,216 shares, compared to its average volume of 1,496,268. The firm has a market cap of $5.10 billion, a price-to-earnings ratio of 11.92, a P/E/G ratio of 3.93 and a beta of 1.40. Synovus Financial has a 1-year low of $24.40 and a 1-year 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 0.42. The company has a 50 day moving average of $37.93 and a two-hundred day moving average of $34.46.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, April 17th. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The business had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 13.08%. Synovus Financial’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.33 EPS. As a group, research analysts predict that Synovus Financial will post 4.05 EPS for the current fiscal year.

Insider Activity

In related news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the transaction, the director now directly owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the transaction, the director now directly owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the transaction, the executive vice president now owns 11,086 shares of the company’s stock, valued at $423,817.78. The disclosure for this sale can be found here. 0.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SNV. Allworth Financial LP increased its stake in shares of Synovus Financial by 333.5% in the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after buying an additional 557 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Synovus Financial in the fourth quarter valued at $28,000. MeadowBrook Investment Advisors LLC acquired a new stake in shares of Synovus Financial in the fourth quarter valued at $30,000. Lazard Asset Management LLC increased its stake in shares of Synovus Financial by 64.8% in the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after buying an additional 318 shares in the last quarter. Finally, First Command Advisory Services Inc. acquired a new stake in shares of Synovus Financial in the third quarter valued at $33,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.