Synovus Financial (NYSE:SNV) Price Target Cut to $39.00 by Analysts at Truist Financial

Synovus Financial (NYSE:SNV) had its target price trimmed by Truist Financial from $45.00 to $39.00 in a report published on Monday morning, Benzinga reports. The firm currently has a buy rating on the bank’s stock.

Several other equities analysts have also issued reports on the stock. Jefferies Financial Group cut their price objective on shares of Synovus Financial from $46.00 to $43.00 and set a buy rating on the stock in a report on Monday, April 8th. Raymond James downgraded Synovus Financial from a strong-buy rating to a market perform rating in a report on Thursday, April 18th. DA Davidson decreased their price objective on Synovus Financial from $45.00 to $43.00 and set a buy rating for the company in a research note on Friday, April 19th. Piper Sandler cut their target price on Synovus Financial from $46.00 to $42.00 and set an overweight rating on the stock in a research note on Friday, April 19th. Finally, StockNews.com lowered shares of Synovus Financial from a hold rating to a sell rating in a research report on Thursday, February 15th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Synovus Financial presently has an average rating of Hold and a consensus target price of $41.38.

Synovus Financial Price Performance

Synovus Financial stock opened at $36.82 on Monday. 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 stock has a market cap of $5.39 billion, a price-to-earnings ratio of 12.61, a price-to-earnings-growth ratio of 4.09 and a beta of 1.40. The firm has a 50-day moving average of $37.92 and a two-hundred day moving average of $34.78. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $40.92.

Synovus Financial (NYSE:SNV) last posted 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). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The company had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same period in the prior year, the firm posted $1.33 EPS. The business’s revenue was down 12.4% on a year-over-year basis. On average, research analysts forecast that Synovus Financial will post 3.79 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently announced 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 was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a yield of 4.13%. Synovus Financial’s dividend payout ratio (DPR) is 52.05%.

Institutional Trading of Synovus Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SNV. Simplicity Wealth LLC purchased a new position in shares of Synovus Financial in the first quarter worth about $271,000. Louisiana State Employees Retirement System increased its holdings in Synovus Financial by 2.4% in the 1st quarter. Louisiana State Employees Retirement System now owns 42,100 shares of the bank’s stock worth $1,687,000 after buying an additional 1,000 shares during the period. Amalgamated Bank raised its position in Synovus Financial by 8.3% during the 1st quarter. Amalgamated Bank now owns 99,548 shares of the bank’s stock worth $3,988,000 after buying an additional 7,667 shares during the last quarter. State of Michigan Retirement System lifted 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 valued at $1,438,000 after acquiring an additional 800 shares during the period. Finally, Asio Capital LLC boosted its holdings in shares of Synovus Financial by 1.1% in the 1st quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock valued at $5,141,000 after acquiring an additional 1,428 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

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.