Synovus Financial (NYSE:SNV) Stock Rating Lowered by Wells Fargo & Company

Synovus Financial (NYSE:SNV) was downgraded by Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report issued on Tuesday, MarketBeat reports. They currently have a $46.00 price target on the bank’s stock, down from their previous price target of $48.00. Wells Fargo & Company‘s target price suggests a potential upside of 8.16% from the stock’s previous close.

Several other equities analysts have also recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Synovus Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. DA Davidson boosted their price target on shares of Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, July 19th. StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, September 12th. Barclays lifted their target price on shares of Synovus Financial from $46.00 to $47.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Finally, Morgan Stanley upped their target price on Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Synovus Financial currently has an average rating of “Moderate Buy” and a consensus target price of $47.44.

Synovus Financial Stock Up 0.1 %

Shares of SNV opened at $42.53 on Tuesday. The stock has a market capitalization of $6.23 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 3.29 and a beta of 1.39. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $47.83. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The stock has a fifty day moving average of $44.01 and a 200-day moving average of $40.73.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. The firm had revenue of $563.60 million for the quarter, compared to the consensus estimate of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.16 EPS. As a group, sell-side analysts anticipate that Synovus Financial will post 4.21 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the transaction, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at $685,284.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors have recently made changes to their positions in the business. Nordea Investment Management AB increased its holdings in Synovus Financial by 24.5% during the first quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock valued at $13,233,000 after buying an additional 64,621 shares during the last quarter. &PARTNERS bought a new position in Synovus Financial in the 2nd quarter worth $284,000. Texas Permanent School Fund Corp lifted its position in Synovus Financial by 19.6% during the second quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock valued at $6,150,000 after purchasing an additional 25,028 shares in the last quarter. Eventide Asset Management LLC bought a new stake in Synovus Financial during the fourth quarter valued at about $968,000. Finally, Private Capital Management LLC increased its position in Synovus Financial by 6.2% in the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock worth $14,644,000 after buying an additional 21,456 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.