Synovus Financial (NYSE:SNV) Rating Lowered to “Market Perform” at Raymond James

Synovus Financial (NYSE:SNV) was downgraded by research analysts at Raymond James from an “outperform” rating to a “market perform” rating in a report issued on Wednesday,Finviz reports.

Several other research analysts also recently commented on SNV. Wells Fargo & Company lifted their price objective on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. JPMorgan Chase & Co. lifted their price target on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Piper Sandler increased their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. UBS Group started coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They issued a “buy” rating and a $76.00 target price on the stock. Finally, Morgan Stanley dropped their price target on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average target price of $58.67.

Synovus Financial Stock Down 2.1 %

Shares of SNV opened at $45.75 on Wednesday. Synovus Financial has a 1 year low of $33.44 and a 1 year high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a 50 day simple moving average of $51.21 and a two-hundred day simple moving average of $51.20. The firm has a market cap of $6.45 billion, a P/E ratio of 15.00, a P/E/G ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The company had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm’s revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 EPS. On average, analysts forecast that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Synovus Financial

A number of institutional investors have recently added to or reduced their stakes in the company. FMR LLC grew its position in shares of Synovus Financial by 3.6% in the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock worth $616,892,000 after buying an additional 415,201 shares during the period. Wellington Management Group LLP increased its position in Synovus Financial by 12.8% during the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after buying an additional 1,095,557 shares in the last quarter. State Street Corp raised its stake in Synovus Financial by 3.2% during the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after buying an additional 201,362 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Synovus Financial by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank’s stock worth $261,778,000 after acquiring an additional 117,242 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Synovus Financial by 0.9% in the third quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock worth $107,633,000 after acquiring an additional 22,549 shares in 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.