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

Synovus Financial (NYSE:SNV) had its price objective cut by investment analysts at Bank of America from $44.00 to $40.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. Bank of America‘s target price indicates a potential upside of 17.92% from the company’s previous close.

Several other research firms have also recently issued reports on SNV. UBS Group upped their price target on shares of Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. JPMorgan Chase & Co. upped their price target on shares of Synovus Financial from $46.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, April 4th. Keefe, Bruyette & Woods upped their price target on shares of Synovus Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Royal Bank of Canada upped their price target on shares of Synovus Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a report on Tuesday, April 9th. Finally, Jefferies Financial Group dropped their target price on shares of Synovus Financial from $46.00 to $43.00 and set a “buy” rating on the stock in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $41.38.

Synovus Financial Trading Down 7.4 %

NYSE SNV opened at $33.92 on Friday. The company’s fifty day simple moving average is $37.93 and its 200-day simple moving average is $34.46. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $40.92. 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 cap of $4.97 billion, a P/E ratio of 11.62, a PEG ratio of 3.93 and a beta of 1.40.

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

Insider Activity at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the sale, the executive vice president now directly owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction dated 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 directly owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the completion of the sale, the executive vice president now directly 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 currently owned by insiders.

Institutional Investors Weigh In On Synovus Financial

Institutional investors and hedge funds have recently bought and sold shares of the business. Phocas Financial Corp. acquired a new stake in Synovus Financial in the 4th quarter valued at about $7,115,000. American Century Companies Inc. lifted its stake in Synovus Financial by 46.0% during the third quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock valued at $26,631,000 after buying an additional 301,604 shares in the last quarter. Prudential PLC purchased a new stake in Synovus Financial during the third quarter valued at about $1,025,000. rhino investment partners Inc purchased a new stake in Synovus Financial during the third quarter valued at about $5,984,000. Finally, Barclays PLC lifted its stake in Synovus Financial by 17.6% during the third quarter. Barclays PLC now owns 437,126 shares of the bank’s stock valued at $12,151,000 after buying an additional 65,434 shares in 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.