Synovus Financial (NYSE:SNV) Price Target Cut to $40.00 by Analysts at Wells Fargo & Company

Synovus Financial (NYSE:SNV) had its price objective trimmed by Wells Fargo & Company from $42.00 to $40.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

Other analysts also recently issued research reports about the company. Royal Bank of Canada boosted their price objective on Synovus Financial from $42.00 to $44.00 and gave the company an outperform rating in a research report on Tuesday, April 9th. Bank of America lowered their price objective on Synovus Financial from $44.00 to $40.00 and set a buy rating for the company in a research report on Friday. Jefferies Financial Group lowered their price objective on Synovus Financial from $46.00 to $43.00 and set a buy rating for the company in a research report on Monday, April 8th. Evercore ISI boosted their price objective on Synovus Financial from $40.00 to $42.00 and gave the company an in-line rating in a research report on Thursday, March 28th. Finally, JPMorgan Chase & Co. boosted their price objective on Synovus Financial from $46.00 to $50.00 and gave the company an overweight rating in a research report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Synovus Financial currently has a consensus rating of Moderate Buy and an average price target of $41.53.

Synovus Financial Stock Up 3.0 %

Shares of SNV opened at $34.91 on Friday. The firm has a market cap of $5.11 billion, a P/E ratio of 11.96, a P/E/G ratio of 3.64 and a beta of 1.40. The stock has a 50 day simple moving average of $37.91 and a two-hundred day simple moving average of $34.52. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $40.92.

Synovus Financial (NYSE:SNV) last issued its 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). The firm had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The firm’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.33 EPS. On average, analysts forecast that Synovus Financial will post 4.05 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

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

Insider Buying and Selling

In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the sale, the executive vice president now directly owns 11,086 shares of the company’s stock, valued at $423,817.78. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the sale, the executive vice president now directly owns 11,086 shares of the company’s stock, valued at $423,817.78. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction 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 completion of the sale, 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 insiders.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently modified their holdings of SNV. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Synovus Financial by 10.4% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 14,877 shares of the bank’s stock valued at $729,000 after acquiring an additional 1,401 shares in the last quarter. Private Advisor Group LLC bought a new position in shares of Synovus Financial during the first quarter valued at $419,000. PNC Financial Services Group Inc. increased its holdings in shares of Synovus Financial by 10.8% during the first quarter. PNC Financial Services Group Inc. now owns 11,420 shares of the bank’s stock valued at $561,000 after acquiring an additional 1,109 shares in the last quarter. Great West Life Assurance Co. Can increased its holdings in shares of Synovus Financial by 10.3% during the first quarter. Great West Life Assurance Co. Can now owns 82,348 shares of the bank’s stock valued at $4,147,000 after acquiring an additional 7,682 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in shares of Synovus Financial during the first quarter valued at $74,000. 83.85% of the stock is currently owned by institutional investors.

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.