Synovus Financial (NYSE:SNV) PT Lowered to $39.00

Synovus Financial (NYSE:SNV) had its price target decreased by research analysts at Truist Financial from $45.00 to $39.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. Truist Financial’s price target would indicate a potential upside of 6.47% from the company’s current price.

A number of other research analysts have also weighed in on SNV. JPMorgan Chase & Co. cut their price objective on Synovus Financial from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Friday, April 19th. Raymond James downgraded Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday, April 18th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $38.00 price objective (down from $46.00) on shares of Synovus Financial in a research note on Friday, April 19th. Morgan Stanley lifted their price objective on Synovus Financial from $29.00 to $37.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Finally, StockNews.com cut Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, February 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.18.

Synovus Financial Stock Performance

NYSE SNV opened at $36.63 on Monday. The company has a market cap of $5.36 billion, a P/E ratio of 12.54, a P/E/G ratio of 3.83 and a beta of 1.40. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The business’s 50 day moving average price is $37.91 and its 200-day moving average price is $34.76. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $40.92.

Synovus Financial (NYSE:SNV) last issued its earnings results 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). The firm had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. Synovus Financial’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.33 earnings per share. Sell-side analysts predict that Synovus Financial will post 3.97 earnings per share for the current year.

Hedge Funds Weigh In On Synovus Financial

Institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP grew its holdings in Synovus Financial by 333.5% during the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after acquiring an additional 557 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Synovus Financial during the 4th quarter worth approximately $28,000. MeadowBrook Investment Advisors LLC bought a new stake in Synovus Financial during the 4th quarter worth approximately $30,000. American National Bank bought a new stake in Synovus Financial during the 4th quarter worth approximately $38,000. Finally, Tennessee Valley Asset Management Partners bought a new stake in Synovus Financial during the 4th quarter worth approximately $42,000. 83.85% of the stock is currently 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.