Synovus Financial (NYSE:SNV) Stock Rating Lowered by Raymond James

Synovus Financial (NYSE:SNV) was downgraded by equities research analysts at Raymond James from a “strong-buy” rating to a “market perform” rating in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports.

Several other research firms have also recently commented on SNV. JPMorgan Chase & Co. boosted 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. Wells Fargo & Company boosted their price target on Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday, April 10th. Truist Financial lifted 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. Morgan Stanley raised their price target on shares of Synovus Financial from $29.00 to $37.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Finally, Jefferies Financial Group lowered their target price on shares of Synovus Financial from $46.00 to $43.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Synovus Financial has a consensus rating of “Moderate Buy” and a consensus target price of $41.53.

Synovus Financial Stock Performance

Shares of SNV stock opened at $34.91 on Thursday. The stock’s fifty day simple moving average is $37.91 and its 200-day simple moving average is $34.52. The company has a market capitalization of $5.11 billion, a price-to-earnings ratio of 11.96, a P/E/G ratio of 3.93 and a beta of 1.40. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial has a 1-year low of $24.40 and a 1-year 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 analysts’ consensus estimates of $0.99 by ($0.20). The business had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 13.08%. Synovus Financial’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.33 EPS. On average, sell-side analysts predict that Synovus Financial will post 4.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Synovus Financial

Several large investors have recently modified their holdings of SNV. Wellington Management Group LLP raised its stake in Synovus Financial by 56.9% during 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. Channing Capital Management LLC bought a new position in Synovus Financial during the 4th quarter valued at about $72,201,000. Norges Bank bought a new stake in Synovus Financial during the fourth quarter worth about $59,941,000. North Reef Capital Management LP increased its holdings in shares of Synovus Financial by 52.7% during the third quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after buying an additional 1,548,370 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Synovus Financial by 24.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock valued at $194,951,000 after acquiring an additional 1,016,231 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

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.