StockNews.com Lowers Synovus Financial (NYSE:SNV) to Sell

Synovus Financial (NYSE:SNV) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.

Several other research analysts also recently weighed in on SNV. JPMorgan Chase & Co. boosted their target price on Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Royal Bank of Canada increased their price target on Synovus Financial from $45.00 to $49.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Truist Financial boosted their price objective on Synovus Financial from $44.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Keefe, Bruyette & Woods increased their target price on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a research report on Tuesday, July 9th. Finally, Wells Fargo & Company lifted their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $46.44.

Synovus Financial Stock Up 0.4 %

NYSE SNV traded up $0.18 on Friday, reaching $46.12. 1,027,232 shares of the stock traded hands, compared to its average volume of 1,387,632. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $47.83. The company has a market cap of $6.64 billion, a price-to-earnings ratio of 15.79, a PEG ratio of 3.54 and a beta of 1.40. The company has a fifty day moving average price of $42.97 and a 200-day moving average price of $39.72. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, beating the consensus estimate of $0.96 by $0.20. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The firm had revenue of $563.60 million for the quarter, compared to analyst estimates of $543.52 million. During the same quarter last year, the firm posted $1.16 earnings per share. The business’s revenue for the quarter was down .7% on a year-over-year basis. As a group, research analysts forecast that Synovus Financial will post 4.06 EPS for the current fiscal year.

Insider Activity at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the sale, the executive vice president now owns 14,833 shares of the company’s stock, valued at $685,284.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Synovus Financial news, major shareholder Eli Samaha sold 6,803 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total value of $171,571.66. Following the sale, the insider now owns 1,466,493 shares of the company’s stock, valued at $36,984,953.46. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the transaction, the executive vice president now owns 14,833 shares of the company’s stock, valued at $685,284.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 180,326 shares of company stock valued at $4,557,245. 0.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Synovus Financial

Several hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP increased 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 purchasing an additional 2,843,488 shares during the period. Channing Capital Management LLC acquired a new position in shares of Synovus Financial in the fourth quarter valued at approximately $72,201,000. Norges Bank acquired a new position in shares of Synovus Financial in the fourth quarter valued at approximately $59,941,000. 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 in the last quarter. Finally, Millennium Management LLC raised its stake in shares of Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after acquiring an additional 838,932 shares in the last quarter. Institutional investors and hedge funds 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.