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

Synovus Financial (NYSE:SNV) had its target price trimmed by JPMorgan Chase & Co. from $50.00 to $48.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

A number of other brokerages have also weighed in on SNV. Royal Bank of Canada increased their price target on Synovus Financial from $42.00 to $44.00 and gave the stock an outperform rating in a research note on Tuesday, April 9th. Barclays assumed coverage on Synovus Financial in a research note on Friday, March 8th. They set an equal weight rating and a $42.00 price target on the stock. Bank of America reduced their price target on Synovus Financial from $44.00 to $40.00 and set a buy rating on the stock in a research note on Friday. DA Davidson reissued a buy rating on shares of Synovus Financial in a research note on Monday, January 15th. Finally, Wells Fargo & Company reduced their price target on Synovus Financial from $42.00 to $40.00 and set an overweight rating on the stock in a research note on Friday. One 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 stock. Based on data from MarketBeat.com, Synovus Financial presently has an average rating of Moderate Buy and an average target price of $41.53.

Synovus Financial Price Performance

SNV stock opened at $34.91 on Friday. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $40.92. 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’s 50 day moving average price is $37.91 and its 200 day moving average price is $34.52. The firm has a market cap of $5.11 billion, a P/E ratio of 11.96, a PEG ratio of 3.64 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last posted its earnings results 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 company had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. During the same period in the previous year, the company posted $1.33 EPS. Synovus Financial’s quarterly revenue was down 12.4% compared to the same quarter last year. On average, sell-side 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 declared a quarterly dividend, which was paid on Monday, April 1st. Investors 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 yield of 4.35%. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insider Activity at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the 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 directly owns 11,086 shares in the company, valued at approximately $423,817.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was 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 $1,280,021.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following 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. 0.81% of the stock is owned by insiders.

Institutional Trading of Synovus Financial

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

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.