Synovus Financial (NYSE:SNV - Get Free Report) was downgraded by investment analysts at Raymond James from an "outperform" rating to a "market perform" rating in a research report issued on Wednesday, Marketbeat.com reports.
SNV has been the subject of several other reports. Morgan Stanley cut their target price on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research report on Thursday, March 13th. JPMorgan Chase & Co. upped their price objective on Synovus Financial from $60.50 to $62.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. Stephens restated an "equal weight" rating and issued a $58.00 target price on shares of Synovus Financial in a research report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft started coverage on shares of Synovus Financial in a research note on Monday, December 9th. They issued a "buy" rating and a $64.00 price objective for the company. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $64.00 target price on shares of Synovus Financial in a research report on Thursday, December 12th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $58.67.
Read Our Latest Research Report on SNV
Synovus Financial Price Performance
NYSE SNV traded down $1.90 during trading on Wednesday, reaching $38.21. The company's stock had a trading volume of 2,631,353 shares, compared to its average volume of 1,410,759. The firm has a fifty day moving average of $50.40 and a 200 day moving average of $51.09. Synovus Financial has a one year low of $33.44 and a one year high of $59.92. The stock has a market capitalization of $5.39 billion, a PE ratio of 12.53, a P/E/G ratio of 1.11 and a beta of 1.16. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88.
Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company had revenue of $580.58 million for the quarter, compared to analysts' expectations of $566.83 million. During the same period in the prior year, the business earned $0.80 earnings per share. Synovus Financial's revenue for the quarter was up 18.8% compared to the same quarter last year. Analysts expect 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 and hedge funds have recently made changes to their positions in SNV. Norges Bank purchased a new stake in shares of Synovus Financial in the 4th quarter worth approximately $77,209,000. Wellington Management Group LLP raised its position in shares of Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank's stock worth $430,213,000 after purchasing an additional 1,095,557 shares during the last quarter. AQR Capital Management LLC boosted its stake in Synovus Financial by 226.5% in the 4th quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank's stock worth $54,573,000 after purchasing an additional 738,983 shares in the last quarter. FMR LLC grew its position in Synovus Financial by 3.6% during the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank's stock valued at $616,892,000 after purchasing an additional 415,201 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in Synovus Financial by 349.4% during the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank's stock valued at $27,108,000 after purchasing an additional 411,411 shares in the last quarter. Institutional investors own 83.85% of the company's stock.
About Synovus Financial
(
Get Free Report)
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.
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