Synovus Financial (NYSE:SNV) PT Raised to $42.00 at Wells Fargo & Company

Synovus Financial (NYSE:SNV) had its target price hoisted by research analysts at Wells Fargo & Company from $40.00 to $42.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 3.22% from the company’s current price.

Several other equities analysts also recently commented on SNV. Bank of America dropped their price objective on Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. Royal Bank of Canada dropped their target price on Synovus Financial from $44.00 to $41.00 and set an “outperform” rating on the stock in a research report on Friday, April 19th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $38.00 target price (down previously from $46.00) on shares of Synovus Financial in a research report on Friday, April 19th. JPMorgan Chase & Co. increased their target price on Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Finally, Raymond James downgraded Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.63.

Synovus Financial Stock Performance

Shares of SNV opened at $40.69 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a 50 day moving average price of $38.70 and a two-hundred day moving average price of $37.90. The firm has a market capitalization of $5.96 billion, a P/E ratio of 13.93, a P/E/G ratio of 5.26 and a beta of 1.40. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $41.15.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same period in the prior year, the firm posted $1.33 earnings per share. The business’s revenue for the quarter was down 12.4% on a year-over-year basis. Equities analysts forecast that Synovus Financial will post 3.86 earnings per share for the current fiscal year.

Insider Activity at Synovus Financial

In other news, EVP D Wayne Akins, Jr. bought 24,500 shares of Synovus Financial stock in a transaction that occurred on Friday, June 7th. The shares were acquired at an average price of $37.40 per share, with a total value of $916,300.00. Following the completion of the purchase, the executive vice president now directly owns 41,884 shares in the company, valued at $1,566,461.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP D Wayne Akins, Jr. bought 24,500 shares of Synovus Financial stock in a transaction that occurred on Friday, June 7th. The shares were acquired at an average price of $37.40 per share, with a total value of $916,300.00. Following the completion of the purchase, the executive vice president now directly owns 41,884 shares in the company, valued at $1,566,461.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Eli Samaha sold 6,803 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold a total of 179,712 shares of company stock valued at $4,528,878 over the last 90 days. 0.81% of the stock is owned by insiders.

Institutional Trading of Synovus Financial

Institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP boosted its position in Synovus Financial by 333.5% during the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after buying an additional 557 shares during the period. International Assets Investment Management LLC purchased a new stake in Synovus Financial during the fourth quarter valued at about $28,000. MeadowBrook Investment Advisors LLC purchased a new stake in Synovus Financial during the fourth quarter valued at about $30,000. American National Bank purchased a new stake in Synovus Financial during the fourth quarter valued at about $38,000. Finally, Tennessee Valley Asset Management Partners purchased a new stake in shares of Synovus Financial during the fourth quarter worth about $42,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

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.