Synovus Financial (NYSE:SNV) Downgraded to Equal Weight at Wells Fargo & Company

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

Other equities research analysts have also issued research reports about the stock. Jefferies Financial Group raised their target price on shares of Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Truist Financial raised their price objective on shares of Synovus Financial from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Keefe, Bruyette & Woods upped their target price on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a research note on Tuesday, July 9th. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a research note on Tuesday, September 17th. Finally, DA Davidson upped their price objective on Synovus Financial from $47.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, July 19th. 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’s stock. According to MarketBeat.com, Synovus Financial presently has an average rating of “Moderate Buy” and a consensus target price of $47.44.

Synovus Financial Trading Up 0.1 %

Shares of Synovus Financial stock opened at $42.53 on Tuesday. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $47.83. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. The business has a 50-day moving average price of $44.01 and a 200-day moving average price of $40.73. The firm has a market cap 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 (NYSE:SNV) last released its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company had revenue of $563.60 million for the quarter, compared to the consensus estimate of $543.52 million. During the same quarter in the prior year, the firm earned $1.16 earnings per share. Synovus Financial’s revenue was down .7% on a year-over-year basis. Equities research analysts anticipate that Synovus Financial will post 4.21 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the transaction, the executive vice president now directly owns 14,833 shares in the company, valued at $685,284.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Synovus Financial

Hedge funds have recently bought and sold shares of the company. Dana Investment Advisors Inc. increased its stake in Synovus Financial by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock worth $1,437,000 after buying an additional 254 shares during the period. Teachers Retirement System of The State of Kentucky raised its stake in shares of Synovus Financial by 6.0% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 112,937 shares of the bank’s stock valued at $4,539,000 after acquiring an additional 6,349 shares in the last quarter. Creative Planning boosted its holdings in Synovus Financial by 18.3% in the second quarter. Creative Planning now owns 43,392 shares of the bank’s stock valued at $1,744,000 after purchasing an additional 6,710 shares during the period. Algert Global LLC grew its stake in Synovus Financial by 5.2% during the 2nd quarter. Algert Global LLC now owns 172,216 shares of the bank’s stock worth $6,921,000 after purchasing an additional 8,436 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in Synovus Financial by 181.0% during the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after purchasing an additional 838,932 shares during the period. Institutional investors and hedge funds 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.