Synovus Financial (NYSE:SNV) Price Target Cut to $43.00

Synovus Financial (NYSE:SNV) had its target price reduced by DA Davidson from $45.00 to $43.00 in a research note released on Friday morning, Benzinga reports. They currently have a buy rating on the bank’s stock.

SNV has been the topic of a number of other research reports. Royal Bank of Canada boosted their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the stock an outperform rating in a research report on Tuesday, April 9th. StockNews.com lowered shares of Synovus Financial from a hold rating to a sell rating in a research report on Thursday, February 15th. Raymond James lowered shares of Synovus Financial from a strong-buy rating to a market perform rating in a research report on Thursday. Morgan Stanley upped their price target on shares of Synovus Financial from $29.00 to $37.00 and gave the stock an equal weight rating in a research report on Wednesday, February 7th. Finally, Evercore ISI upped their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an in-line rating in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $41.53.

Synovus Financial Stock Performance

Shares of SNV stock opened at $34.91 on Friday. The company’s fifty day simple moving average is $37.91 and its 200-day simple moving average is $34.52. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. The firm has a market cap of $5.11 billion, a PE ratio of 11.96, a P/E/G ratio of 3.64 and a beta of 1.40. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $40.92.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The business had revenue of $537.73 million during 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 period in the prior year, the firm earned $1.33 EPS. Equities research analysts expect that Synovus Financial will post 4.05 EPS for the current fiscal year.

Synovus Financial Announces Dividend

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

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction dated 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction dated 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. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently modified their holdings of SNV. Allworth Financial LP grew its stake in Synovus Financial by 333.5% during the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after buying an additional 557 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Synovus Financial during the fourth quarter worth about $28,000. MeadowBrook Investment Advisors LLC acquired a new stake in Synovus Financial during the fourth quarter worth about $30,000. Lazard Asset Management LLC grew its stake in Synovus Financial by 64.8% during the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock worth $30,000 after buying an additional 318 shares in the last quarter. Finally, American National Bank acquired a new stake in Synovus Financial during the fourth quarter worth about $38,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.