Synovus Financial (NYSE:SNV) Price Target Lowered to $48.00 at Evercore ISI

Synovus Financial (NYSE:SNV) had its price objective lowered by analysts at Evercore ISI from $50.00 to $48.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “in-line” rating on the bank’s stock. Evercore ISI’s price objective indicates a potential upside of 12.31% from the stock’s current price.

Several other analysts also recently weighed in on the company. StockNews.com downgraded Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, September 12th. Jefferies Financial Group boosted their price target on Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Keefe, Bruyette & Woods raised their price target on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a report on Tuesday, July 9th. DA Davidson lifted their target price on Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Finally, Morgan Stanley boosted their target price on shares of Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.44.

Synovus Financial Price Performance

SNV stock opened at $42.74 on Wednesday. The company has a market capitalization of $6.26 billion, a P/E ratio of 14.64, a price-to-earnings-growth ratio of 3.29 and a beta of 1.39. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $47.83. The business has a 50-day simple moving average of $44.01 and a two-hundred day simple moving average of $40.73. 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 posted its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. The company had revenue of $563.60 million for the quarter, compared to analysts’ expectations of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. Synovus Financial’s revenue was down .7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.16 EPS. Research analysts expect that Synovus Financial will post 4.21 EPS for the current fiscal year.

Insider Activity at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction that occurred 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 transaction, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP raised its stake in Synovus Financial by 56.9% during the 4th 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. Millennium Management LLC lifted its position in 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 purchasing an additional 838,932 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after buying an additional 491,036 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new position in shares of Synovus Financial during the 2nd quarter worth $19,434,000. Finally, Interval Partners LP grew its position in Synovus Financial by 74.2% during the first quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock worth $15,570,000 after buying an additional 165,548 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

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.