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

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

Other analysts also recently issued research reports about the company. JPMorgan Chase & Co. cut their price objective on Synovus Financial from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Friday. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $38.00 target price (down previously from $46.00) on shares of Synovus Financial in a report on Friday. Morgan Stanley upped their target price on Synovus Financial from $29.00 to $37.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. UBS Group upped their target price on Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. Finally, Bank of America dropped their target price on Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $41.19.

Synovus Financial Price Performance

NYSE SNV traded up $0.55 on Friday, reaching $34.45. The company’s stock had a trading volume of 880,817 shares, compared to its average volume of 1,486,262. The firm’s 50 day moving average is $37.93 and its two-hundred day moving average is $34.46. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market cap of $5.04 billion, a PE ratio of 11.76, a PEG ratio of 3.93 and a beta of 1.40. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $40.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, April 17th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20). The company had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a return on equity of 13.08% and a net margin of 13.29%. Synovus Financial’s quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.33 EPS. As a group, sell-side analysts predict that Synovus Financial will post 4.05 EPS for the current year.

Insider Activity

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 sale, the director now directly owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction 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 $423,817.78. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction 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 directly owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The disclosure for this sale can be found here. 0.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SNV. Raymond James Financial Services Advisors Inc. lifted its position in Synovus Financial by 10.4% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 14,877 shares of the bank’s stock worth $729,000 after purchasing an additional 1,401 shares during the period. Private Advisor Group LLC acquired a new position in Synovus Financial during the first quarter worth $419,000. PNC Financial Services Group Inc. raised its stake in Synovus Financial by 10.8% during the first quarter. PNC Financial Services Group Inc. now owns 11,420 shares of the bank’s stock worth $561,000 after acquiring an additional 1,109 shares in the last quarter. Great West Life Assurance Co. Can raised its stake in Synovus Financial by 10.3% during the first quarter. Great West Life Assurance Co. Can now owns 82,348 shares of the bank’s stock worth $4,147,000 after acquiring an additional 7,682 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Synovus Financial in the first quarter valued at $74,000. 83.85% of the stock is owned by institutional investors.

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.