Synovus Financial (NYSE:SNV) Given New $39.00 Price Target at Barclays

Synovus Financial (NYSE:SNV) had its target price decreased by investment analysts at Barclays from $42.00 to $39.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Barclays‘s price target indicates a potential upside of 13.21% from the company’s current price.

Several other equities analysts have also recently commented on the company. Wells Fargo & Company reduced their target price on Synovus Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday. Raymond James cut Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday. Bank of America cut their price objective on Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a report on Friday. The Goldman Sachs Group cut their price objective on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a report on Friday. Finally, Jefferies Financial Group lowered their target price on Synovus Financial from $46.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, April 8th. 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. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $41.19.

Synovus Financial Stock Performance

Shares of SNV traded up $0.55 during mid-day trading on Friday, hitting $34.45. The stock had a trading volume of 880,817 shares, compared to its average volume of 1,486,262. The firm has a market cap of $5.04 billion, a P/E ratio of 11.76, a PEG ratio of 3.93 and a beta of 1.40. The business has a fifty day moving average price of $37.93 and a 200-day moving average price of $34.46. 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 released its quarterly earnings data on Wednesday, April 17th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 13.08%. The company had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same quarter in the previous year, the firm posted $1.33 earnings per share. The business’s revenue for the quarter was down 12.4% compared to the same quarter last year. On average, equities research analysts expect that Synovus Financial will post 4.05 EPS for the current year.

Insider Buying and Selling at Synovus Financial

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

Institutional Trading of Synovus Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Synovus Financial by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 14,996,954 shares of the bank’s stock worth $562,536,000 after buying an additional 170,332 shares during the last quarter. BlackRock Inc. boosted its stake in Synovus Financial by 1.6% during the 1st quarter. BlackRock Inc. now owns 14,098,433 shares of the bank’s stock valued at $434,655,000 after purchasing an additional 228,708 shares during the last quarter. FMR LLC boosted its stake in Synovus Financial by 10.0% during the 3rd quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock valued at $297,530,000 after purchasing an additional 977,155 shares during the last quarter. Wellington Management Group LLP boosted its stake in Synovus Financial by 56.9% during the 4th 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 last quarter. Finally, State Street Corp boosted its stake in Synovus Financial by 15.7% during the 1st quarter. State Street Corp now owns 6,937,880 shares of the bank’s stock valued at $216,502,000 after purchasing an additional 941,244 shares during the last quarter. Hedge funds and other 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.