Synovus Financial (NYSE:SNV) Price Target Cut to $40.00 by Analysts at Bank of America

Synovus Financial (NYSE:SNV) had its target price decreased by analysts at Bank of America from $44.00 to $40.00 in a report released on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. Bank of America‘s price objective would indicate a potential upside of 17.92% from the company’s current price.

A number of other research analysts also recently weighed in on the stock. Raymond James downgraded shares of Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday. StockNews.com downgraded shares of Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, February 15th. UBS Group upped their price target on shares of Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, January 23rd. Royal Bank of Canada upped their price target on shares of Synovus Financial from $42.00 to $44.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 9th. Finally, Wells Fargo & Company upped their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $41.38.

Synovus Financial Trading Down 7.4 %

Shares of Synovus Financial stock opened at $33.92 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a fifty day moving average price of $37.93 and a 200 day moving average price of $34.46. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $40.92. The stock has a market cap of $4.97 billion, a PE ratio of 11.62, a price-to-earnings-growth ratio of 3.93 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last issued its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20). The business had revenue of $537.73 million for the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a return on equity of 13.08% and a net margin of 13.29%. The company’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same period last year, the business earned $1.33 EPS. Equities research analysts predict that Synovus Financial will post 4.05 earnings per share for the current year.

Insider Activity

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

Hedge Funds Weigh In On Synovus Financial

Several large investors have recently made changes to their positions in the stock. State of Michigan Retirement System lifted its holdings in shares of Synovus Financial by 2.3% in the 1st quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock worth $1,438,000 after acquiring an additional 800 shares during the last quarter. Asio Capital LLC lifted its holdings in shares of Synovus Financial by 1.1% in the 1st quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock worth $5,141,000 after acquiring an additional 1,428 shares during the last quarter. Cooper Financial Group acquired a new position in shares of Synovus Financial in the 1st quarter worth approximately $203,000. Mather Group LLC. acquired a new position in shares of Synovus Financial in the 1st quarter worth approximately $144,000. Finally, GAMMA Investing LLC lifted its holdings in Synovus Financial by 22.4% during the 1st quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock worth $120,000 after buying an additional 548 shares in the last quarter. 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.