Synovus Financial (NYSE:SNV) PT Lowered to $43.00

Synovus Financial (NYSE:SNV) had its price objective trimmed by DA Davidson from $45.00 to $43.00 in a report issued on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

Other equities analysts have also issued research reports about the company. Truist Financial increased their target price on Synovus Financial from $42.00 to $45.00 and gave the stock a buy rating in a research note on Monday, April 1st. Bank of America lowered their target price on Synovus Financial from $44.00 to $40.00 and set a buy rating for the company in a report on Friday. Evercore ISI raised their target price on Synovus Financial from $40.00 to $42.00 and gave the company an in-line rating in a report on Thursday, March 28th. Jefferies Financial Group lowered their target price on Synovus Financial from $46.00 to $43.00 and set a buy rating for the company in a report on Monday, April 8th. Finally, Keefe, Bruyette & Woods restated a market perform rating and set a $38.00 target price (down from $46.00) on shares of Synovus Financial in a report on Friday. One equities research 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 data from MarketBeat.com, Synovus Financial has a consensus rating of Moderate Buy and an average target price of $41.18.

Synovus Financial Stock Performance

Shares of Synovus Financial stock opened at $35.68 on Friday. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $40.92. The business’s fifty day simple moving average is $37.88 and its 200-day simple moving average is $34.69. The firm has a market cap of $5.22 billion, a PE ratio of 12.22, a price-to-earnings-growth ratio of 3.83 and a beta of 1.40. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 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 analyst estimates of $547.62 million. During the same period last year, the company earned $1.33 EPS. The business’s revenue for the quarter was down 12.4% on a year-over-year basis. Equities analysts forecast that Synovus Financial will post 3.97 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business 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 annualized dividend and a dividend yield of 4.26%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s payout ratio is presently 52.05%.

Insider Activity

In other news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the sale, the director now owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Yousif Capital Management LLC raised its position in shares of Synovus Financial by 0.5% during the 4th quarter. Yousif Capital Management LLC now owns 69,749 shares of the bank’s stock worth $2,626,000 after acquiring an additional 360 shares in the last quarter. Truist Financial Corp raised its position in shares of Synovus Financial by 0.3% during the 4th quarter. Truist Financial Corp now owns 121,099 shares of the bank’s stock worth $4,559,000 after acquiring an additional 376 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Synovus Financial by 3.2% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 13,612 shares of the bank’s stock worth $378,000 after acquiring an additional 419 shares in the last quarter. PFW Advisors LLC increased its position in Synovus Financial by 5.4% during the fourth quarter. PFW Advisors LLC now owns 8,433 shares of the bank’s stock worth $318,000 after buying an additional 433 shares during the period. Finally, Fifth Third Bancorp increased its position in Synovus Financial by 12.6% during the third quarter. Fifth Third Bancorp now owns 4,035 shares of the bank’s stock worth $112,000 after buying an additional 452 shares during the period. Institutional investors and hedge funds 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.