Evercore ISI Increases Synovus Financial (NYSE:SNV) Price Target to $42.00

Synovus Financial (NYSE:SNV) had its target price hoisted by Evercore ISI from $40.00 to $42.00 in a research note published on Thursday morning, Benzinga reports. They currently have an in-line rating on the bank’s stock.

Several other brokerages also recently issued reports on SNV. Keefe, Bruyette & Woods upped their price target on Synovus Financial from $45.00 to $46.00 and gave the stock an outperform rating in a report on Friday, January 19th. DA Davidson reiterated a buy rating on shares of Synovus Financial in a report on Monday, January 15th. Morgan Stanley upped their price target on Synovus Financial from $29.00 to $37.00 and gave the stock an equal weight rating in a report on Wednesday, February 7th. Barclays assumed coverage on Synovus Financial in a report on Friday, March 8th. They set an equal weight rating and a $42.00 price target for the company. Finally, Royal Bank of Canada reiterated an outperform rating and set a $42.00 price target on shares of Synovus Financial in a report on Friday, January 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Synovus Financial presently has an average rating of Moderate Buy and a consensus target price of $39.13.

Synovus Financial Trading Up 0.6 %

NYSE SNV opened at $40.06 on Thursday. The company has a market cap of $5.87 billion, a price-to-earnings ratio of 11.58 and a beta of 1.39. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $40.92. The business has a 50 day moving average price of $37.85 and a 200-day moving average price of $33.54. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, January 17th. The bank reported $0.80 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.14). Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. The firm had revenue of $488.68 million for the quarter, compared to the consensus estimate of $527.60 million. As a group, equities analysts expect that Synovus Financial will post 4.03 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Thursday, March 21st will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.79%. Synovus Financial’s dividend payout ratio is presently 43.93%.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total transaction of $78,180.35. Following the transaction, the executive vice president now owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, 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 sale, the director now owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the sale, the executive vice president now directly owns 11,086 shares in the company, valued at approximately $423,817.78. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

A number of institutional investors have recently added to or reduced their stakes in SNV. Raymond James Financial Services Advisors Inc. lifted its holdings in Synovus Financial by 10.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 14,877 shares of the bank’s stock worth $729,000 after purchasing an additional 1,401 shares in the last quarter. Private Advisor Group LLC purchased a new stake in shares of Synovus Financial in the 1st quarter valued at about $419,000. PNC Financial Services Group Inc. raised its holdings in shares of Synovus Financial by 10.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 11,420 shares of the bank’s stock valued at $561,000 after acquiring an additional 1,109 shares in the last quarter. Great West Life Assurance Co. Can increased its position in shares of Synovus Financial by 10.3% during the 1st quarter. Great West Life Assurance Co. Can now owns 82,348 shares of the bank’s stock valued at $4,147,000 after purchasing an additional 7,682 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in shares of Synovus Financial during the 1st quarter valued at about $74,000. Hedge funds and other 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.