Synovus Financial (NYSE:SNV) PT Lowered to $43.00

Synovus Financial (NYSE:SNV) had its target price trimmed by DA Davidson from $45.00 to $43.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

SNV has been the subject of several other reports. The Goldman Sachs Group reduced their target price on shares of Synovus Financial from $46.00 to $41.00 and set a neutral rating for the company in a report on Friday. Morgan Stanley increased their target price on shares of Synovus Financial from $29.00 to $37.00 and gave the stock an equal weight rating in a report on Wednesday, February 7th. Royal Bank of Canada increased their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the company an outperform rating in a report on Tuesday, April 9th. Keefe, Bruyette & Woods reaffirmed a market perform rating and set a $38.00 price objective (down from $46.00) on shares of Synovus Financial in a report on Friday. Finally, Barclays cut their price objective on shares of Synovus Financial from $42.00 to $39.00 and set an equal weight rating for the company in a report on Friday. 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 company’s stock. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $41.18.

Synovus Financial Trading Up 2.2 %

Synovus Financial stock opened at $35.68 on Friday. The firm has a 50 day moving average of $37.88 and a 200 day moving average of $34.69. The firm has a market capitalization of $5.22 billion, a price-to-earnings ratio of 12.22, a P/E/G ratio of 3.83 and a beta of 1.40. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $40.92. 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 released its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20). The firm had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company’s revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.33 earnings per share. As a group, research analysts predict that Synovus Financial will post 3.97 earnings per share for the current year.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 4.26%. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insider Activity

In other 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 transaction, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

A number of institutional investors have recently bought and sold shares of SNV. Wellington Management Group LLP lifted its position in Synovus Financial by 56.9% in the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock worth $295,127,000 after buying an additional 2,843,488 shares during the last quarter. Channing Capital Management LLC bought a new stake in Synovus Financial in the fourth quarter worth $72,201,000. Norges Bank bought a new stake in Synovus Financial in the fourth quarter worth $59,941,000. North Reef Capital Management LP lifted its position in Synovus Financial by 52.7% in the third quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after buying an additional 1,548,370 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Synovus Financial by 24.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock worth $194,951,000 after buying an additional 1,016,231 shares during the last quarter. 83.85% of the stock is currently owned by 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.