Synovus Financial (NYSE:SNV) Stock Rating Upgraded by Barclays

Synovus Financial (NYSE:SNV) was upgraded by equities researchers at Barclays from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Monday, MarketBeat reports. The firm currently has a $46.00 price objective on the bank’s stock, up from their prior price objective of $39.00. Barclays‘s price target would suggest a potential upside of 21.53% from the company’s previous close.

A number of other equities research analysts also recently issued reports on SNV. Royal Bank of Canada cut their price target on Synovus Financial from $44.00 to $41.00 and set an “outperform” rating for the company in a research note on Friday, April 19th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $38.00 price objective (down from $46.00) on shares of Synovus Financial in a research note on Friday, April 19th. Jefferies Financial Group cut their price objective 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. Stephens reiterated an “equal weight” rating and set a $38.00 price objective on shares of Synovus Financial in a research note on Tuesday, May 7th. Finally, Truist Financial cut their price objective on Synovus Financial from $45.00 to $39.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.94.

Synovus Financial Trading Down 1.4 %

Synovus Financial stock opened at $37.85 on Monday. The business has a 50-day simple moving average of $37.88 and a two-hundred day simple moving average of $37.75. The company has a market cap of $5.54 billion, a P/E ratio of 12.96, a P/E/G ratio of 5.05 and a beta of 1.41. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $40.92. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The firm had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The company’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.33 earnings per share. Analysts predict that Synovus Financial will post 3.82 EPS for the current year.

Insider Transactions at Synovus Financial

In other news, major shareholder Eli Samaha sold 6,803 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total transaction of $171,571.66. Following the sale, the insider now directly owns 1,466,493 shares of the company’s stock, valued at approximately $36,984,953.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, major shareholder Eli Samaha sold 6,803 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total transaction of $171,571.66. Following the transaction, the insider now owns 1,466,493 shares of the company’s stock, valued at approximately $36,984,953.46. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP D Wayne Akins, Jr. bought 24,500 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were bought at an average cost of $37.40 per share, for a total transaction of $916,300.00. Following the transaction, the executive vice president now owns 41,884 shares in the company, valued at approximately $1,566,461.60. The disclosure for this purchase can be found here. Insiders have sold 179,712 shares of company stock valued at $4,528,878 in the last ninety days. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Large investors have recently modified their holdings of the stock. Wellington Management Group LLP grew its position in Synovus Financial by 56.9% in the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after acquiring an additional 2,843,488 shares during the last quarter. Channing Capital Management LLC bought a new position in Synovus Financial in the 4th quarter valued at $72,201,000. Norges Bank bought a new position in Synovus Financial in the 4th quarter valued at $59,941,000. Dimensional Fund Advisors LP grew its position in Synovus Financial by 24.4% in the 4th 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 during the last quarter. Finally, New York State Common Retirement Fund grew its position in Synovus Financial by 346.6% in the 4th 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 last quarter. Institutional investors own 83.85% of the company’s stock.

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.