Synovus Financial (NYSE:SNV) Price Target Cut to $43.00 by Analysts at DA Davidson

Synovus Financial (NYSE:SNV) had its price target cut by DA Davidson from $45.00 to $43.00 in a research report report published on Friday morning, Benzinga reports. They currently have a buy rating on the bank’s stock.

Several other research firms also recently weighed in on SNV. Wells Fargo & Company dropped their target price on shares of Synovus Financial from $42.00 to $40.00 and set an overweight rating for the company in a research report on Friday. StockNews.com downgraded shares of Synovus Financial from a hold rating to a sell rating in a research report on Thursday, February 15th. Truist Financial boosted 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. Evercore ISI boosted 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, Morgan Stanley boosted their price objective 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. One 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 stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $41.53.

Synovus Financial Price Performance

SNV opened at $34.91 on Friday. The company has a 50-day moving average of $37.91 and a 200-day moving average of $34.52. The company has a market capitalization 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 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.

Synovus Financial (NYSE:SNV) last released its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). The company had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. Synovus Financial’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.33 EPS. Equities analysts expect that Synovus Financial will post 4.05 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 4.35%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s payout ratio is 52.05%.

Insider Buying and Selling

In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction 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 $423,817.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the sale, the director now owns 33,144 shares in the company, valued at approximately $1,280,021.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the completion of the sale, the executive vice president now owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Synovus Financial

Hedge funds have recently made changes to their positions in the company. Allworth Financial LP lifted its position in shares of Synovus Financial by 333.5% in the 4th 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 purchased a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $28,000. MeadowBrook Investment Advisors LLC purchased a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $30,000. Lazard Asset Management LLC lifted its position in shares of Synovus Financial by 64.8% in the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after acquiring an additional 318 shares in the last quarter. Finally, First Command Advisory Services Inc. purchased a new stake in shares of Synovus Financial in the 3rd quarter valued at approximately $33,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

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.