Synovus Financial (NYSE:SNV) Price Target Cut to $40.00 by Analysts at Wells Fargo & Company

Synovus Financial (NYSE:SNV) had its target price decreased by Wells Fargo & Company from $42.00 to $40.00 in a report issued on Friday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the bank’s stock.

A number of other equities research analysts have also weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Synovus Financial from $46.00 to $50.00 and gave the company an overweight rating in a report on Thursday, April 4th. Raymond James lowered Synovus Financial from a strong-buy rating to a market perform rating in a report on Thursday, April 18th. UBS Group boosted their price target on Synovus Financial from $42.00 to $44.00 and gave the stock a buy rating in a research note on Tuesday, January 23rd. DA Davidson reissued a buy rating on shares of Synovus Financial in a research note on Monday, January 15th. Finally, 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. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial presently has a consensus rating of Moderate Buy and a consensus price target of $41.18.

Synovus Financial Price Performance

Shares of SNV opened at $35.68 on Friday. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $40.92. The stock’s 50 day moving average is $37.88 and its two-hundred day moving average is $34.69. The firm has a market capitalization of $5.22 billion, a PE ratio of 12.22, a P/E/G ratio of 3.83 and a beta of 1.40. 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 announced its quarterly earnings data 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). 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 during the quarter, compared to analysts’ expectations of $547.62 million. During the same period in the prior year, the firm posted $1.33 EPS. Synovus Financial’s revenue for the quarter was down 12.4% compared to the same quarter last year. Research analysts anticipate that Synovus Financial will post 3.97 earnings per share for the current year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were given 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 4.26%. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insider Buying and Selling

In related news, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction that occurred on 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 transaction, 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 Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Phocas Financial Corp. acquired a new position in Synovus Financial in the 4th quarter valued at $7,115,000. American Century Companies Inc. raised its holdings in Synovus Financial by 46.0% in the 3rd quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock valued at $26,631,000 after acquiring an additional 301,604 shares during the last quarter. Prudential PLC acquired a new position in Synovus Financial in the 3rd quarter valued at $1,025,000. rhino investment partners Inc acquired a new position in Synovus Financial in the 3rd quarter valued at $5,984,000. Finally, Barclays PLC raised its holdings in Synovus Financial by 17.6% in the 3rd quarter. Barclays PLC now owns 437,126 shares of the bank’s stock valued at $12,151,000 after acquiring an additional 65,434 shares during the last quarter. 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.