The Goldman Sachs Group Lowers Synovus Financial (NYSE:SNV) Price Target to $41.00

Synovus Financial (NYSE:SNV) had its price target cut by stock analysts at The Goldman Sachs Group from $46.00 to $41.00 in a report released on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the bank’s stock. The Goldman Sachs Group’s price objective points to a potential upside of 19.29% from the stock’s current price.

A number of other analysts have also recently issued reports on SNV. Raymond James cut Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday. Truist Financial increased their price objective on Synovus Financial from $42.00 to $45.00 and gave the company a “buy” rating in a report on Monday, April 1st. UBS Group raised their target price 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. JPMorgan Chase & Co. lowered their price objective on shares of Synovus Financial from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Jefferies Financial Group dropped their price objective on shares of Synovus Financial from $46.00 to $43.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $41.38.

Synovus Financial Stock Up 1.4 %

SNV stock traded up $0.47 during trading on Friday, hitting $34.37. 807,892 shares of the company’s stock were exchanged, compared to its average volume of 1,485,049. The business has a 50-day moving average price of $37.93 and a two-hundred day moving average price of $34.46. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $5.03 billion, a price-to-earnings ratio of 11.74, a PEG ratio of 3.93 and a beta of 1.40. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $40.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a return on equity of 13.08% and a net margin of 13.29%. The company had revenue of $537.73 million for the quarter, compared to analysts’ expectations of $547.62 million. During the same quarter in the prior year, the firm posted $1.33 EPS. The firm’s quarterly revenue was down 12.4% compared to the same quarter last year. As a group, equities research analysts expect that Synovus Financial will post 4.05 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Synovus Financial

Institutional investors have recently made changes to their positions in the business. Phocas Financial Corp. bought a new stake in shares of Synovus Financial in the fourth quarter worth $7,115,000. American Century Companies Inc. grew its stake in Synovus Financial by 46.0% in the third quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock worth $26,631,000 after purchasing an additional 301,604 shares in the last quarter. Prudential PLC bought a new stake in Synovus Financial in the third quarter valued at about $1,025,000. rhino investment partners Inc acquired a new stake in Synovus Financial during the third quarter valued at approximately $5,984,000. Finally, Barclays PLC lifted its holdings in Synovus Financial by 17.6% during the 3rd quarter. Barclays PLC now owns 437,126 shares of the bank’s stock worth $12,151,000 after buying an additional 65,434 shares during 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.