Synovus Financial (NYSE:SNV) Given New $40.00 Price Target at Bank of America

Synovus Financial (NYSE:SNV) had its target price reduced by Bank of America from $44.00 to $40.00 in a report released on Friday morning, Benzinga reports. They currently have a buy rating on the bank’s stock.

SNV has been the topic of a number of other research reports. UBS Group boosted their price objective on Synovus Financial from $42.00 to $44.00 and gave the stock a buy rating in a research report on Tuesday, January 23rd. Evercore ISI boosted their price objective on Synovus Financial from $40.00 to $42.00 and gave the stock an in-line rating in a research report on Thursday, March 28th. StockNews.com lowered Synovus Financial from a hold rating to a sell rating in a research report on Thursday, February 15th. Barclays assumed coverage on Synovus Financial in a research report on Friday, March 8th. They issued an equal weight rating and a $42.00 price target on the stock. Finally, Jefferies Financial Group reduced their price target on Synovus Financial from $46.00 to $43.00 and set a buy rating on the stock in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Synovus Financial presently has a consensus rating of Moderate Buy and an average price target of $41.53.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $34.91 on Friday. The stock has a market capitalization of $5.11 billion, a PE ratio of 11.96, a P/E/G ratio of 3.64 and a beta of 1.40. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. The business has a fifty day moving average price of $37.91 and a two-hundred day moving average price of $34.52. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $40.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same quarter in the previous year, the business posted $1.33 EPS. The company’s revenue for the quarter was down 12.4% on a year-over-year basis. As a group, equities analysts predict that Synovus Financial will post 4.05 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.35%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio is 52.05%.

Insider Activity

In related news, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the transaction, the director now directly owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total transaction of $78,180.35. Following the transaction, the executive vice president now directly owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the transaction, the director now directly owns 33,144 shares in the company, valued at $1,280,021.28. The disclosure for this sale can be found here. 0.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. State of Michigan Retirement System raised its stake in Synovus Financial by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock worth $1,438,000 after buying an additional 800 shares during the period. Asio Capital LLC increased its holdings in Synovus Financial by 1.1% during the 1st quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock worth $5,141,000 after purchasing an additional 1,428 shares in the last quarter. Cooper Financial Group bought a new stake in Synovus Financial during the 1st quarter worth approximately $203,000. Mather Group LLC. bought a new stake in Synovus Financial during the 1st quarter worth approximately $144,000. Finally, GAMMA Investing LLC increased its holdings in Synovus Financial by 22.4% during the 1st quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock worth $120,000 after purchasing an additional 548 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.