Keefe, Bruyette & Woods Reiterates “Market Perform” Rating for Synovus Financial (NYSE:SNV)

Synovus Financial (NYSE:SNV)‘s stock had its “market perform” rating reiterated by Keefe, Bruyette & Woods in a report issued on Friday, Marketbeat Ratings reports. They currently have a $38.00 target price on the bank’s stock, down from their previous target price of $46.00. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 10.37% from the stock’s previous close.

A number of other equities research analysts also recently commented on SNV. UBS Group raised their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, January 23rd. Bank of America cut their target price on shares of Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a research report on Friday. Raymond James lowered Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research note on Thursday. Truist Financial boosted their target price on shares of Synovus Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Finally, StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, February 15th. One investment 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.com, the company currently has a consensus rating of “Hold” and an average target price of $41.38.

Synovus Financial Stock Performance

SNV traded up $0.53 during trading on Friday, hitting $34.43. 241,570 shares of the stock were exchanged, compared to its average volume of 1,479,234. The firm has a market capitalization of $5.04 billion, a P/E ratio of 11.62, a PEG 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 stock has a fifty day moving average price of $37.93 and a two-hundred day moving average price of $34.46. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

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

Insider Transactions at Synovus Financial

In related news, 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 transaction, the executive vice president now owns 11,086 shares in the company, valued at $423,817.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Tim E. Bentsen sold 4,671 shares of the 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 completion of the sale, 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 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 value of $78,180.35. Following the completion of the transaction, 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. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Synovus Financial by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 14,996,954 shares of the bank’s stock worth $562,536,000 after buying an additional 170,332 shares during the period. BlackRock Inc. increased its position in shares of Synovus Financial by 1.6% during the first quarter. BlackRock Inc. now owns 14,098,433 shares of the bank’s stock worth $434,655,000 after acquiring an additional 228,708 shares during the last quarter. FMR LLC lifted its stake in shares of Synovus Financial by 10.0% in the third quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock worth $297,530,000 after acquiring an additional 977,155 shares in the last quarter. Wellington Management Group LLP lifted its stake 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 worth $295,127,000 after acquiring an additional 2,843,488 shares in the last quarter. Finally, State Street Corp grew its stake in Synovus Financial by 15.7% during the 1st quarter. State Street Corp now owns 6,937,880 shares of the bank’s stock valued at $216,502,000 after purchasing an additional 941,244 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

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.