JPMorgan Chase & Co. Lowers Synovus Financial (NYSE:SNV) Price Target to $48.00

Synovus Financial (NYSE:SNV) had its target price reduced by investment analysts at JPMorgan Chase & Co. from $50.00 to $48.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 39.53% from the company’s current price.

SNV has been the topic of a number of other research reports. Jefferies Financial Group decreased their price target on shares of Synovus Financial from $46.00 to $43.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Barclays initiated coverage on Synovus Financial in a report on Friday, March 8th. They set an “equal weight” rating and a $42.00 price objective for the company. Morgan Stanley lifted their price objective on Synovus Financial from $29.00 to $37.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. DA Davidson reissued a “buy” rating on shares of Synovus Financial in a report on Monday, January 15th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $38.00 price target (down from $46.00) on shares of Synovus Financial in a report on Friday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $41.13.

Synovus Financial Stock Performance

Shares of Synovus Financial stock traded up $0.50 during midday trading on Friday, hitting $34.40. The company had a trading volume of 486,838 shares, compared to its average volume of 1,479,636. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $40.92. 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 stock has a market cap of $5.04 billion, a PE ratio of 11.79, a P/E/G ratio of 3.93 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a return on equity of 13.08% and a net margin of 13.29%. The business had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. During the same quarter in the prior 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 analysts predict that Synovus Financial will post 4.05 EPS for the current fiscal year.

Insider Transactions at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total value of $180,394.02. Following the sale, the director now directly owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The disclosure for this sale can be found here. Company insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Allworth Financial LP increased its position 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 buying an additional 557 shares during the period. International Assets Investment Management LLC bought a new position in shares of Synovus Financial in the fourth quarter worth $28,000. MeadowBrook Investment Advisors LLC bought a new position in shares of Synovus Financial in the fourth quarter worth $30,000. Lazard Asset Management LLC increased its position in shares of Synovus Financial by 64.8% in the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock worth $30,000 after purchasing an additional 318 shares during the period. Finally, American National Bank bought a new position in shares of Synovus Financial in the fourth quarter worth $38,000. Institutional investors own 83.85% of the company’s stock.

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.