Synovus Financial’s (SNV) “Equal Weight” Rating Reaffirmed at Stephens

Stephens reiterated their equal weight rating on shares of Synovus Financial (NYSE:SNV) in a report published on Tuesday, Benzinga reports. The brokerage currently has a $38.00 price target on the bank’s stock.

Other research analysts also recently issued research reports about the stock. Truist Financial reduced their price target on shares of Synovus Financial from $45.00 to $39.00 and set a buy rating on the stock in a research note on Monday, April 22nd. Jefferies Financial Group reduced their target price on shares of Synovus Financial from $46.00 to $43.00 and set a buy rating on the stock in a research report on Monday, April 8th. Raymond James lowered Synovus Financial from a strong-buy rating to a market perform rating in a report on Thursday, April 18th. Wells Fargo & Company reduced their price objective on Synovus Financial from $42.00 to $40.00 and set an overweight rating on the stock in a report on Friday, April 19th. Finally, The Goldman Sachs Group lowered their target price on Synovus Financial from $46.00 to $41.00 and set a neutral rating for the company in a report on Friday, April 19th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average price target of $41.50.

Synovus Financial Stock Down 0.8 %

Shares of SNV opened at $38.39 on Tuesday. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $40.92. 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 business has a fifty day moving average of $37.95 and a 200 day moving average of $35.48. The company has a market cap of $5.62 billion, a PE ratio of 13.15, a P/E/G ratio of 4.48 and a beta of 1.41.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $547.62 million. During the same quarter in the previous year, the firm earned $1.33 EPS. Synovus Financial’s revenue was down 12.4% compared to the same quarter last year. On average, sell-side analysts expect that Synovus Financial will post 3.76 EPS 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 dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 annualized dividend and a dividend yield of 3.96%. Synovus Financial’s payout ratio is currently 52.05%.

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNV. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Synovus Financial in the third quarter worth about $214,000. Raymond James Financial Services Advisors Inc. raised its position in Synovus Financial by 11.2% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 22,867 shares of the bank’s stock worth $636,000 after buying an additional 2,305 shares during the last quarter. Brown Advisory Inc. lifted its stake in Synovus Financial by 6.4% during the 3rd quarter. Brown Advisory Inc. now owns 11,443 shares of the bank’s stock valued at $318,000 after acquiring an additional 685 shares during the period. Verdence Capital Advisors LLC boosted its holdings in shares of Synovus Financial by 8.5% in the 3rd quarter. Verdence Capital Advisors LLC now owns 8,986 shares of the bank’s stock valued at $250,000 after acquiring an additional 703 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Synovus Financial by 17.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,974 shares of the bank’s stock worth $778,000 after acquiring an additional 4,088 shares during the period. Hedge funds and other institutional investors 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.