Wells Fargo & Company Has Lowered Expectations for Synovus Financial (NYSE:SNV) Stock Price

Synovus Financial (NYSE:SNV) had its price objective reduced by stock analysts at Wells Fargo & Company from $60.00 to $50.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price target points to a potential upside of 26.69% from the company’s previous close.

A number of other research firms also recently commented on SNV. Morgan Stanley dropped their price target on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 13th. Royal Bank of Canada restated an “outperform” rating and set a $64.00 price objective on shares of Synovus Financial in a research report on Thursday, December 12th. JPMorgan Chase & Co. lifted their target price on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Citigroup upped their target price on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Barclays dropped their target price on shares of Synovus Financial from $66.00 to $60.00 and set an “overweight” rating on the stock in a research report on Tuesday. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $58.17.

Synovus Financial Stock Down 7.8 %

Shares of Synovus Financial stock opened at $39.47 on Wednesday. Synovus Financial has a twelve month low of $33.44 and a twelve month high of $59.92. The stock has a market capitalization of $5.56 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 1.11 and a beta of 1.16. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The business’s 50 day simple moving average is $48.53 and its 200-day simple moving average is $50.85.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. During the same quarter in the previous year, the company posted $0.80 earnings per share. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. Equities research analysts forecast that Synovus Financial will post 4.89 earnings per share for the current year.

Institutional Investors Weigh In On Synovus Financial

Several hedge funds have recently bought and sold shares of SNV. Norges Bank bought a new stake in Synovus Financial during the 4th quarter worth approximately $77,209,000. AQR Capital Management LLC raised its holdings in shares of Synovus Financial by 226.5% in the fourth quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank’s stock valued at $54,573,000 after purchasing an additional 738,983 shares during the last quarter. FMR LLC increased its stake in Synovus Financial by 3.6% in the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock valued at $616,892,000 after buying an additional 415,201 shares during the last quarter. Prudential Financial Inc. lifted its position in Synovus Financial by 349.4% during the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank’s stock worth $27,108,000 after buying an additional 411,411 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in Synovus Financial by 5,495.2% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank’s stock valued at $17,924,000 after purchasing an additional 343,613 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.