Synovus Financial (NYSE:SNV) Price Target Lowered to $48.00 at JPMorgan Chase & Co.

Synovus Financial (NYSE:SNV) had its price objective decreased by JPMorgan Chase & Co. from $50.00 to $48.00 in a research note released on Friday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the bank’s stock.

Several other research analysts have also weighed in on SNV. Raymond James lowered shares of Synovus Financial from a strong-buy rating to a market perform rating in a report on Thursday, April 18th. UBS Group raised their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the stock a buy rating in a report on Tuesday, January 23rd. Morgan Stanley raised their price objective on shares of Synovus Financial from $29.00 to $37.00 and gave the stock an equal weight rating in a report on Wednesday, February 7th. Truist Financial raised their price objective on shares of Synovus Financial from $42.00 to $45.00 and gave the stock a buy rating in a report on Monday, April 1st. Finally, Wells Fargo & Company decreased their price objective on shares of Synovus Financial from $42.00 to $40.00 and set an overweight rating for the company in a report on Friday. 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 stock. According to data from MarketBeat.com, Synovus Financial currently has a consensus rating of Moderate Buy and an average target price of $41.18.

Synovus Financial Price Performance

SNV opened at $35.68 on Friday. The company has a fifty day simple moving average of $37.88 and a 200 day simple moving average of $34.69. The firm 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 twelve month low of $24.40 and a twelve month high of $40.92. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45.

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 analysts’ consensus estimates of $0.99 by ($0.20). The firm had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. Synovus Financial’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.33 earnings per share. Equities research analysts expect that Synovus Financial will post 3.97 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were issued 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 dividend payout ratio (DPR) is presently 52.05%.

Insider Activity

In related news, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial 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 sale, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

Hedge funds have recently bought and sold shares of the company. Allworth Financial LP lifted its position in Synovus Financial by 333.5% in the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after purchasing an additional 557 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Synovus Financial in the 4th quarter valued at about $28,000. MeadowBrook Investment Advisors LLC bought a new stake in Synovus Financial in the 4th quarter valued at about $30,000. American National Bank bought a new stake in Synovus Financial in the 4th quarter valued at about $38,000. Finally, Tennessee Valley Asset Management Partners bought a new stake in Synovus Financial in the 4th quarter valued at about $42,000. 83.85% of the stock is currently 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.