Piper Sandler Cuts Synovus Financial (NYSE:SNV) Price Target to $42.00

Synovus Financial (NYSE:SNV) had its price target trimmed by Piper Sandler from $46.00 to $42.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

Other research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. lowered their price target on shares of Synovus Financial from $50.00 to $48.00 and set an overweight rating on the stock in a report on Friday. Wells Fargo & Company lowered their price target on shares of Synovus Financial from $42.00 to $40.00 and set an overweight rating on the stock in a report on Friday. Evercore ISI increased their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the company an in-line rating in a report on Thursday, March 28th. Morgan Stanley increased their price target on shares of Synovus Financial from $29.00 to $37.00 and gave the company an equal weight rating in a report on Wednesday, February 7th. Finally, Truist Financial increased their price target on shares of Synovus Financial from $42.00 to $45.00 and gave the company a buy rating in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $41.18.

Synovus Financial Stock Up 2.2 %

Shares of SNV stock opened at $35.68 on Friday. 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 firm’s 50-day moving average is $37.88 and its 200-day moving average is $34.69. The stock has a market cap of $5.22 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 3.83 and a beta of 1.40. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $40.92.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). The company had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The firm’s 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 earnings per share. Sell-side analysts predict that Synovus Financial will post 3.97 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 4.26%. Synovus Financial’s dividend payout ratio (DPR) is 52.05%.

Insider Activity at Synovus Financial

In related news, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial 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 of the company’s stock, valued at $1,280,021.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP increased its stake in Synovus Financial by 333.5% in the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after acquiring an additional 557 shares during the last quarter. International Assets Investment Management LLC bought a new position in Synovus Financial in the fourth quarter valued at approximately $28,000. MeadowBrook Investment Advisors LLC bought a new position in Synovus Financial in the fourth quarter valued at approximately $30,000. American National Bank bought a new stake in shares of Synovus Financial during the fourth quarter worth $38,000. Finally, Tennessee Valley Asset Management Partners bought a new stake in shares of Synovus Financial during the fourth quarter worth $42,000. 83.85% of the stock is owned by institutional investors.

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.