Piper Sandler Cuts Synovus Financial (NYSE:SNV) Price Target to $42.00

Synovus Financial (NYSE:SNV) had its target price decreased by Piper Sandler from $46.00 to $42.00 in a research note issued to investors on Friday, Benzinga reports. Piper Sandler currently has an overweight rating on the bank’s stock.

SNV has been the subject of a number of other reports. Wells Fargo & Company decreased their price target on Synovus Financial from $42.00 to $40.00 and set an overweight rating for the company in a research note on Friday. JPMorgan Chase & Co. decreased their price target on Synovus Financial from $50.00 to $48.00 and set an overweight rating for the company in a research note on Friday. StockNews.com lowered Synovus Financial from a hold rating to a sell rating in a research note on Thursday, February 15th. Evercore ISI increased their price target on Synovus Financial from $40.00 to $42.00 and gave the company an in-line rating in a research note on Thursday, March 28th. Finally, Barclays decreased their price target on Synovus Financial from $42.00 to $39.00 and set an equal weight rating for the company in a research note on Friday. One equities 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 stock. According to MarketBeat.com, Synovus Financial currently has a consensus rating of Moderate Buy and a consensus price target of $41.18.

Synovus Financial Stock Up 2.2 %

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 has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. The stock 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. The stock’s 50 day moving average price is $37.88 and its 200 day moving average price is $34.69.

Synovus Financial (NYSE:SNV) last posted its earnings results on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $547.62 million. During the same quarter in the prior year, the business earned $1.33 earnings per share. The firm’s revenue was down 12.4% compared to the same quarter last year. 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 firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were given a $0.38 dividend. 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 (DPR) is presently 52.05%.

Insider Transactions at Synovus Financial

In other news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the sale, the director now directly owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Synovus Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the business. State of Michigan Retirement System grew its position in shares of Synovus Financial by 2.3% in the first quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock valued at $1,438,000 after purchasing an additional 800 shares during the last quarter. Asio Capital LLC grew its position in shares of Synovus Financial by 1.1% in the first quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock valued at $5,141,000 after purchasing an additional 1,428 shares during the last quarter. Cooper Financial Group acquired a new stake in shares of Synovus Financial in the first quarter valued at about $203,000. Mather Group LLC. acquired a new stake in shares of Synovus Financial in the first quarter valued at about $144,000. Finally, GAMMA Investing LLC grew its position in shares of Synovus Financial by 22.4% in the first quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock valued at $120,000 after purchasing an additional 548 shares during the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

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.