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

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

A number of other research analysts also recently issued reports on SNV. Morgan Stanley upped their target price on shares of Synovus Financial from $29.00 to $37.00 and gave the company an equal weight rating in a research report on Wednesday, February 7th. Raymond James downgraded shares of Synovus Financial from a strong-buy rating to a market perform rating in a research report on Thursday, April 18th. Barclays assumed coverage on shares of Synovus Financial in a research report on Friday, March 8th. They set an equal weight rating and a $42.00 target price on the stock. Royal Bank of Canada upped their target price on shares of Synovus Financial from $42.00 to $44.00 and gave the company an outperform rating in a research report on Tuesday, April 9th. Finally, Bank of America cut their target price on shares of Synovus Financial from $44.00 to $40.00 and set a buy rating on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $41.18.

Synovus Financial Stock Up 2.2 %

Shares of NYSE:SNV opened at $35.68 on Friday. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $40.92. The company’s 50-day moving average price is $37.88 and its two-hundred day moving average price is $34.69. 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 firm has a market cap of $5.22 billion, a P/E ratio of 12.22, a P/E/G ratio of 3.83 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same period in the prior year, the company earned $1.33 EPS. The firm’s revenue was down 12.4% compared to the same quarter last year. As a group, research analysts forecast that Synovus Financial will post 3.97 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors 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 4.26%. Synovus Financial’s payout ratio is 52.05%.

Insider Buying and Selling

In related news, Director Tim E. Bentsen sold 4,671 shares of the 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 sale, the director now directly owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.81% of the stock is owned by company insiders.

Institutional Trading of Synovus Financial

A number of large investors have recently bought and sold shares of the business. FMR LLC increased its stake in Synovus Financial by 10.0% during 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 Synovus Financial by 56.9% during 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. Dimensional Fund Advisors LP increased its stake in Synovus Financial by 24.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock worth $194,951,000 after purchasing an additional 1,016,231 shares in the last quarter. North Reef Capital Management LP grew its stake in shares of Synovus Financial by 52.7% during the 3rd quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after acquiring an additional 1,548,370 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Synovus Financial by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,730,148 shares of the bank’s stock worth $140,440,000 after acquiring an additional 21,041 shares in the last quarter. 83.85% of the stock is owned by institutional investors.

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.