Synovus Financial (NYSE:SNV) Price Target Cut to $52.00 by Analysts at JPMorgan Chase & Co.

Synovus Financial (NYSE:SNV) had its target price decreased by investment analysts at JPMorgan Chase & Co. from $55.00 to $52.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 19.35% from the company’s current price.

Other analysts have also issued reports about the stock. Jefferies Financial Group upped their price target on shares of Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Stephens raised their price target on shares of Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. Royal Bank of Canada upped their price target on Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Keefe, Bruyette & Woods lifted their price objective on Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 9th. Finally, Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a research report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Synovus Financial presently has an average rating of “Moderate Buy” and an average price target of $47.63.

Synovus Financial Stock Up 1.2 %

SNV traded up $0.52 during midday trading on Wednesday, hitting $43.57. The company had a trading volume of 1,384,062 shares, compared to its average volume of 1,383,859. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $47.83. The stock’s 50 day moving average price is $43.71 and its 200 day moving average price is $40.88. The company has a market capitalization of $6.27 billion, a price-to-earnings ratio of 14.92, a PEG ratio of 3.44 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, topping 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 period in the previous year, the firm earned $1.16 EPS. The firm’s quarterly revenue was down .7% on a year-over-year basis. On average, research analysts anticipate that Synovus Financial will post 4.03 earnings per share for the current fiscal year.

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the company’s stock in a transaction 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 sale, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Hancock Whitney Corp lifted its holdings in shares of Synovus Financial by 20.7% in the fourth quarter. Hancock Whitney Corp now owns 66,294 shares of the bank’s stock valued at $2,496,000 after buying an additional 11,379 shares during the period. Eventide Asset Management LLC bought a new position in Synovus Financial in the 4th quarter worth $968,000. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Synovus Financial by 33.0% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 110,375 shares of the bank’s stock worth $4,155,000 after buying an additional 27,413 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Synovus Financial in the fourth quarter valued at about $338,000. Finally, Wellington Management Group LLP boosted its stake in Synovus Financial by 56.9% during the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock worth $295,127,000 after buying an additional 2,843,488 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

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.