Synovus Financial (NYSE:SNV) PT Raised to $47.00 at Jefferies Financial Group

Synovus Financial (NYSE:SNV) had its price target lifted by investment analysts at Jefferies Financial Group from $44.00 to $47.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Jefferies Financial Group’s price objective points to a potential upside of 16.51% from the stock’s previous close.

A number of other brokerages have also issued reports on SNV. The Goldman Sachs Group lowered their target price on shares of Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a research note on Friday, April 19th. JPMorgan Chase & Co. upped their target price on shares of Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Piper Sandler reduced their price objective on Synovus Financial from $46.00 to $42.00 and set an “overweight” rating on the stock in a report on Friday, April 19th. DA Davidson upped their target price on Synovus Financial from $43.00 to $47.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Finally, Royal Bank of Canada cut their price target on Synovus Financial from $44.00 to $41.00 and set an “outperform” rating on the stock in a research note on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.25.

Synovus Financial Price Performance

Synovus Financial stock opened at $40.34 on Wednesday. The firm has a market capitalization of $5.91 billion, a PE ratio of 13.82, a price-to-earnings-growth ratio of 5.51 and a beta of 1.40. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $41.15. The firm has a 50-day moving average price of $38.42 and a 200-day moving average price of $37.85. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45.

Synovus Financial (NYSE:SNV) last announced its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business had revenue of $537.73 million for the quarter, compared to analysts’ expectations of $547.62 million. During the same quarter last year, the firm earned $1.33 EPS. The firm’s quarterly revenue was down 12.4% on a year-over-year basis. As a group, equities research analysts forecast that Synovus Financial will post 3.83 EPS for the current year.

Insider Buying and Selling

In other Synovus Financial news, major shareholder Eli Samaha sold 172,889 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the transaction, the insider now owns 1,293,259 shares in the company, valued at approximately $32,590,126.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP D Wayne Akins, Jr. bought 24,500 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was purchased at an average price of $37.40 per share, with a total value of $916,300.00. Following the completion of the acquisition, the executive vice president now directly owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Eli Samaha sold 172,889 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the completion of the transaction, the insider now owns 1,293,259 shares in the company, valued at approximately $32,590,126.80. The disclosure for this sale can be found here. Insiders sold 179,712 shares of company stock worth $4,528,878 in the last three months. Corporate insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

Several large investors have recently made changes to their positions in SNV. Wellington Management Group LLP lifted its position 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 valued at $295,127,000 after purchasing an additional 2,843,488 shares during the period. Channing Capital Management LLC purchased a new stake in shares of Synovus Financial in the fourth quarter worth about $72,201,000. Norges Bank acquired a new stake in Synovus Financial during the fourth quarter worth about $59,941,000. Dimensional Fund Advisors LP raised its position in Synovus Financial by 24.4% during 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, New York State Common Retirement Fund lifted its holdings in Synovus Financial by 346.6% in the fourth quarter. New York State Common Retirement Fund now owns 570,880 shares of the bank’s stock valued at $21,494,000 after acquiring an additional 443,056 shares during the period. 83.85% of the stock is 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.