Synovus Financial (NYSE:SNV) Receives Market Perform Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reaffirmed their market perform rating on shares of Synovus Financial (NYSE:SNV) in a research note published on Friday morning, Marketbeat reports. They currently have a $38.00 price target on the bank’s stock, down from their previous price target of $46.00.

A number of other analysts have also recently weighed in on the stock. Morgan Stanley upped their target price on shares of Synovus Financial from $29.00 to $37.00 and gave the company an equal weight rating in a research note on Wednesday, February 7th. StockNews.com cut shares of Synovus Financial from a hold rating to a sell rating in a research note on Thursday, February 15th. JPMorgan Chase & Co. upped their target price on shares of Synovus Financial from $46.00 to $50.00 and gave the company an overweight rating in a research note on Thursday, April 4th. UBS Group upped their target price on shares of Synovus Financial from $42.00 to $44.00 and gave the company a buy rating in a research note on Tuesday, January 23rd. Finally, Barclays assumed coverage on shares of Synovus Financial in a research note on Friday, March 8th. They issued an equal weight rating and a $42.00 target price on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Synovus Financial has a consensus rating of Moderate Buy and an average price target of $41.53.

Synovus Financial Stock Performance

NYSE:SNV opened at $34.91 on Friday. The firm’s 50-day moving average is $37.91 and its 200-day moving average is $34.52. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $40.92. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market cap of $5.11 billion, a price-to-earnings ratio of 11.96, a PEG ratio of 3.64 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data 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 company had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The business’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.33 EPS. Equities research analysts anticipate that Synovus Financial will post 4.05 earnings per share for the current year.

Synovus Financial Dividend Announcement

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

Insider Transactions at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were 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 in the company, valued at $423,817.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Tim E. Bentsen sold 4,671 shares of the stock in a transaction that occurred on Wednesday, January 24th. The shares were 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the completion of the transaction, the executive vice president now owns 11,086 shares in the company, valued at $423,817.78. The disclosure for this sale can be found here. 0.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Synovus Financial

Several large investors have recently bought and sold shares of the company. American Trust increased its stake in Synovus Financial by 2.9% in the fourth quarter. American Trust now owns 9,208 shares of the bank’s stock valued at $346,000 after purchasing an additional 258 shares in the last quarter. Lazard Asset Management LLC increased its stake in Synovus Financial by 64.8% in the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after purchasing an additional 318 shares in the last quarter. Yousif Capital Management LLC increased its stake in Synovus Financial by 0.5% in the fourth quarter. Yousif Capital Management LLC now owns 69,749 shares of the bank’s stock valued at $2,626,000 after purchasing an additional 360 shares in the last quarter. Truist Financial Corp increased its stake in Synovus Financial by 0.3% in the fourth quarter. Truist Financial Corp now owns 121,099 shares of the bank’s stock valued at $4,559,000 after purchasing an additional 376 shares in the last quarter. Finally, Mariner LLC increased its stake in Synovus Financial by 3.4% in the third quarter. Mariner LLC now owns 12,349 shares of the bank’s stock valued at $343,000 after purchasing an additional 407 shares in the last quarter. Institutional investors own 83.85% of the company’s stock.

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.