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

Synovus Financial (NYSE:SNV - Get Free Report) was downgraded by Raymond James from an "outperform" rating to a "market perform" rating in a research note issued to investors on Wednesday, MarketBeat reports.

Several other equities analysts have also issued reports on the stock. Morgan Stanley cut their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a report on Thursday, March 13th. Citigroup boosted their price target on Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research report on Friday, January 17th. UBS Group began coverage on Synovus Financial in a research report on Tuesday, December 17th. They set a "buy" rating and a $76.00 price objective on the stock. Piper Sandler increased their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an "overweight" rating in a research report on Wednesday, December 11th. Finally, Wells Fargo & Company boosted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 3rd. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $58.67.

Synovus Financial Stock Down 1.7 %

NYSE SNV traded down $0.64 on Wednesday, reaching $37.65. 771,447 shares of the stock traded hands, compared to its average volume of 1,408,382. Synovus Financial has a 12 month low of $33.44 and a 12 month high of $59.92. The company has a market cap of $5.31 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 1.11 and a beta of 1.16. The company has a fifty day moving average price of $50.40 and a 200-day moving average price of $51.13. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. During the same period in the previous year, the company posted $0.80 earnings per share. The firm's quarterly revenue was up 18.8% on a year-over-year basis. As a group, research analysts forecast that Synovus Financial will post 4.89 EPS for the current fiscal year.

Hedge Funds Weigh In On Synovus Financial

A number of institutional investors have recently modified their holdings of the stock. Colonial Trust Co SC grew its holdings in Synovus Financial by 554.4% during the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after acquiring an additional 499 shares during the period. Keystone Financial Group Inc. purchased a new stake in shares of Synovus Financial during the 4th quarter worth about $37,000. Quarry LP acquired a new stake in shares of Synovus Financial during the 3rd quarter valued at about $41,000. Jones Financial Companies Lllp increased its stake in shares of Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock valued at $56,000 after purchasing an additional 461 shares in the last quarter. Finally, V Square Quantitative Management LLC raised its holdings in Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock worth $58,000 after purchasing an additional 466 shares during the period. Hedge funds and other 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.