Synovus Financial (NYSE:SNV) was downgraded by equities researchers at ValuEngine from a “hold” rating to a “sell” rating in a research note issued on Wednesday.

A number of other brokerages also recently weighed in on SNV. Morgan Stanley decreased their price objective on shares of Synovus Financial from $57.00 to $56.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 31st. Zacks Investment Research cut shares of Synovus Financial from a “buy” rating to a “hold” rating in a research note on Thursday, July 19th. Finally, Stephens cut shares of Synovus Financial from an “overweight” rating to an “equal” rating and set a $31.00 target price for the company. in a research note on Tuesday, July 24th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. Synovus Financial currently has an average rating of “Hold” and a consensus target price of $51.92.

Shares of Synovus Financial stock opened at $47.06 on Wednesday. The stock has a market capitalization of $5.59 billion, a price-to-earnings ratio of 18.60, a PEG ratio of 1.64 and a beta of 0.95. Synovus Financial has a fifty-two week low of $44.19 and a fifty-two week high of $57.40. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.98 and a quick ratio of 0.97.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Tuesday, July 24th. The bank reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. The business had revenue of $359.30 million during the quarter, compared to the consensus estimate of $356.60 million. Synovus Financial had a net margin of 21.47% and a return on equity of 13.61%. The company’s revenue was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.61 earnings per share. sell-side analysts predict that Synovus Financial will post 3.63 earnings per share for the current year.

In other Synovus Financial news, CFO Kevin S. Blair acquired 1,310 shares of the company’s stock in a transaction that occurred on Thursday, August 2nd. The stock was bought at an average price of $49.43 per share, with a total value of $64,753.30. Following the purchase, the chief financial officer now owns 54,387 shares in the company, valued at $2,688,349.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Allan E. Kamensky acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, July 27th. The shares were acquired at an average cost of $50.06 per share, with a total value of $50,060.00. Following the purchase, the executive vice president now owns 66,166 shares in the company, valued at approximately $3,312,269.96. The disclosure for this purchase can be found here. Insiders have bought 4,310 shares of company stock valued at $214,173 in the last three months. Corporate insiders own 1.50% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Signaturefd LLC grew its stake in Synovus Financial by 265.5% during the 2nd quarter. Signaturefd LLC now owns 2,054 shares of the bank’s stock valued at $109,000 after acquiring an additional 1,492 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new stake in Synovus Financial during the 2nd quarter valued at about $128,000. Summit Trail Advisors LLC grew its stake in Synovus Financial by 3,778.6% during the 1st quarter. Summit Trail Advisors LLC now owns 168,098 shares of the bank’s stock valued at $168,000 after acquiring an additional 163,764 shares in the last quarter. Csenge Advisory Group purchased a new stake in Synovus Financial during the 1st quarter valued at about $209,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Synovus Financial during the 2nd quarter valued at about $214,000. 81.01% of the stock is owned by institutional investors.

About Synovus Financial

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

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Analyst Recommendations for Synovus Financial (NYSE:SNV)

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