Raymond James Downgrades Synovus Financial (NYSE:SNV) to Market Perform

Raymond James lowered shares of Synovus Financial (NYSE:SNV) from a strong-buy rating to a market perform rating in a report released on Thursday, Marketbeat Ratings reports.

Several other research firms have also issued reports on SNV. StockNews.com lowered shares of Synovus Financial from a hold rating to a sell rating in a research report on Thursday, February 15th. JPMorgan Chase & Co. upped their price target on shares of Synovus Financial from $46.00 to $50.00 and gave the stock an overweight rating in a research report on Thursday, April 4th. UBS Group increased their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the company a buy rating in a research report on Tuesday, January 23rd. Evercore ISI increased their price objective on shares of Synovus Financial from $40.00 to $42.00 and gave the company an in-line rating in a research report on Thursday, March 28th. Finally, Truist Financial increased their price objective on shares of Synovus Financial from $42.00 to $45.00 and gave the company a buy rating in a research report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial has a consensus rating of Moderate Buy and a consensus target price of $41.50.

Synovus Financial Stock Performance

Shares of SNV stock opened at $33.92 on Thursday. The company’s fifty day simple moving average is $37.93 and its 200-day simple moving average is $34.46. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The firm has a market cap of $4.97 billion, a PE ratio of 11.62, a P/E/G ratio of 3.93 and a beta of 1.40. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $40.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, April 17th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a return on equity of 13.08% and a net margin of 13.29%. The firm had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same period last year, the company posted $1.33 earnings per share. The business’s revenue was down 12.4% compared to the same quarter last year. Equities research analysts expect that Synovus Financial will post 4.05 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently disclosed 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 was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a yield of 4.48%. Synovus Financial’s payout ratio is 52.05%.

Insiders Place Their Bets

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the sale, the executive vice president now directly owns 11,086 shares in the company, valued at $423,817.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the 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 completion of the transaction, the executive vice president now owns 11,086 shares of the company’s stock, valued at $423,817.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Tim E. Bentsen sold 4,671 shares of the 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 transaction, the director now directly owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SNV. Phocas Financial Corp. bought a new position in Synovus Financial in the 4th quarter valued at approximately $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 buying an additional 301,604 shares during the last quarter. Prudential PLC bought a new position in Synovus Financial in the 3rd quarter valued at approximately $1,025,000. rhino investment partners Inc bought a new position in Synovus Financial in the 3rd quarter valued at approximately $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 buying an additional 65,434 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

About Synovus Financial

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.