Synovus Financial (NYSE:SNV) Given New $40.00 Price Target at Bank of America

Synovus Financial (NYSE:SNV) had its price target decreased by Bank of America from $44.00 to $40.00 in a research report report published on Friday, Benzinga reports. Bank of America currently has a buy rating on the bank’s stock.

Several other research firms have also recently weighed in on SNV. UBS Group lifted their price objective on Synovus Financial from $42.00 to $44.00 and gave the company a buy rating in a research report on Tuesday, January 23rd. Morgan Stanley boosted their price target on Synovus Financial from $29.00 to $37.00 and gave the stock an equal weight rating in a research report on Wednesday, February 7th. Raymond James cut Synovus Financial from a strong-buy rating to a market perform rating in a research report on Thursday. Keefe, Bruyette & Woods boosted their price target on Synovus Financial from $45.00 to $46.00 and gave the stock an outperform rating in a research report on Friday, January 19th. Finally, DA Davidson reissued a buy rating on shares of Synovus Financial in a research report on Monday, January 15th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $41.53.

Synovus Financial Stock Performance

Synovus Financial stock opened at $34.91 on Friday. The stock’s 50 day simple moving average is $37.91 and its two-hundred day simple moving average is $34.52. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market cap of $5.11 billion, a price-to-earnings ratio of 11.96, a PEG ratio of 3.64 and a beta of 1.40. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $40.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data 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). The firm had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business’s revenue was down 12.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.33 earnings per share. As a group, analysts expect that Synovus Financial will post 4.05 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders 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 dividend on an annualized basis and a yield of 4.35%. Synovus Financial’s dividend payout ratio is presently 52.05%.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s stock in a transaction on 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 sale, the executive vice president now directly owns 11,086 shares in the company, valued at approximately $423,817.78. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total transaction of $180,394.02. Following the completion of 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 document filed with the SEC, which is available through this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the sale, the executive vice president now owns 11,086 shares of the company’s stock, valued at $423,817.78. The disclosure for this sale can be found here. 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 modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Synovus Financial by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 14,996,954 shares of the bank’s stock worth $562,536,000 after purchasing an additional 170,332 shares in the last quarter. BlackRock Inc. increased its stake in shares of Synovus Financial by 1.6% in the 1st quarter. BlackRock Inc. now owns 14,098,433 shares of the bank’s stock worth $434,655,000 after purchasing an additional 228,708 shares in the last quarter. FMR LLC increased its stake in shares of Synovus Financial by 10.0% in the 3rd quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock worth $297,530,000 after purchasing an additional 977,155 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Synovus Financial by 56.9% in the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock worth $295,127,000 after purchasing an additional 2,843,488 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Synovus Financial by 15.7% in the 1st quarter. State Street Corp now owns 6,937,880 shares of the bank’s stock worth $216,502,000 after purchasing an additional 941,244 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other 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.