DA Davidson Cuts Synovus Financial (NYSE:SNV) Price Target to $43.00

Synovus Financial (NYSE:SNV) had its price target dropped by equities researchers at DA Davidson from $45.00 to $43.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. DA Davidson’s price target indicates a potential upside of 22.51% from the company’s current price.

Several other brokerages have also weighed in on SNV. Barclays dropped their target price on Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday. Morgan Stanley upped their target price on Synovus Financial from $29.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Royal Bank of Canada increased their price objective on Synovus Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a report on Tuesday, April 9th. The Goldman Sachs Group lowered their price objective on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday. Finally, UBS Group raised their target price on Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $41.69.

Synovus Financial Stock Up 3.5 %

Synovus Financial stock traded up $1.20 during mid-day trading on Friday, hitting $35.10. The company’s stock had a trading volume of 1,376,944 shares, compared to its average volume of 1,493,265. The firm’s 50 day moving average is $37.93 and its 200 day moving average is $34.46. The company has a market cap of $5.14 billion, a PE ratio of 11.99, a price-to-earnings-growth ratio of 3.93 and a beta of 1.40. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $40.92.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, April 17th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $547.62 million. During the same period in the previous year, the company earned $1.33 earnings per share. The business’s revenue for the quarter was down 12.4% on a year-over-year basis. On average, analysts anticipate that Synovus Financial will post 4.05 earnings per share for the current year.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction on 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 transaction, the director now owns 33,144 shares in the company, valued at approximately $1,280,021.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the sale, the executive vice president now directly owns 11,086 shares in the company, valued at $423,817.78. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Tim E. Bentsen sold 4,671 shares of the business’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 owns 33,144 shares in the company, valued at $1,280,021.28. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds have recently added to or reduced their stakes in the stock. State of Michigan Retirement System increased its stake in Synovus Financial by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock worth $1,438,000 after acquiring an additional 800 shares during the period. Asio Capital LLC increased its stake in Synovus Financial by 1.1% during the 1st quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock worth $5,141,000 after acquiring an additional 1,428 shares during the period. Cooper Financial Group bought a new position in Synovus Financial during the 1st quarter worth $203,000. Mather Group LLC. bought a new position in Synovus Financial during the 1st quarter worth $144,000. Finally, GAMMA Investing LLC increased its stake in Synovus Financial by 22.4% during the 1st quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock worth $120,000 after acquiring an additional 548 shares during the period. 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.