Synovus Financial (NYSE:SNV) Price Target Cut to $40.00 by Analysts at Wells Fargo & Company

Synovus Financial (NYSE:SNV) had its price objective decreased by research analysts at Wells Fargo & Company from $42.00 to $40.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 16.28% from the stock’s current price.

A number of other brokerages also recently commented on SNV. Barclays began coverage on Synovus Financial in a research report on Friday, March 8th. They issued an “equal weight” rating and a $42.00 price objective for the company. Bank of America lowered their price objective on Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a research report on Friday. UBS Group lifted their price objective on Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, January 23rd. Royal Bank of Canada lifted their target price on Synovus Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a report on Tuesday, April 9th. Finally, StockNews.com cut Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, February 15th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $41.13.

Synovus Financial Price Performance

Synovus Financial stock traded up $0.50 during mid-day trading on Friday, hitting $34.40. 486,838 shares of the company were exchanged, compared to its average volume of 1,479,636. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. The business’s 50 day simple moving average is $37.93 and its two-hundred day simple moving average is $34.46. The company has a market capitalization of $5.04 billion, a P/E ratio of 11.79, a PEG ratio of 3.93 and a beta of 1.40. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $40.92.

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

Insider Activity

In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the sale, the executive vice president now owns 11,086 shares in the company, valued at approximately $423,817.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial stock in a transaction on 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 transaction, the executive vice president now owns 11,086 shares of the company’s stock, valued at $423,817.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total transaction 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 $1,280,021.28. The disclosure for this sale can be found here. 0.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Allworth Financial LP increased its holdings in Synovus Financial by 333.5% during the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after acquiring an additional 557 shares during the period. International Assets Investment Management LLC bought a new stake in Synovus Financial during the 4th quarter worth approximately $28,000. MeadowBrook Investment Advisors LLC bought a new stake in Synovus Financial during the 4th quarter worth approximately $30,000. Lazard Asset Management LLC increased its holdings in Synovus Financial by 64.8% during the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock worth $30,000 after acquiring an additional 318 shares during the period. Finally, First Command Advisory Services Inc. purchased a new position in Synovus Financial in the 3rd quarter worth approximately $33,000. 83.85% of the stock is currently 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.