Synovus Financial (NYSE:SNV) Given New $50.00 Price Target at JPMorgan Chase & Co.

Synovus Financial (NYSE:SNV) had its price target hoisted by JPMorgan Chase & Co. from $46.00 to $50.00 in a research report released on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the bank’s stock.

Other analysts have also issued reports about the stock. Stephens initiated coverage on shares of Synovus Financial in a research report on Tuesday, December 19th. They set an equal weight rating and a $40.00 price target on the stock. Truist Financial upped their target price on shares of Synovus Financial from $42.00 to $45.00 and gave the company a buy rating in a report on Monday. Morgan Stanley lifted 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. UBS Group upped their price objective on Synovus Financial from $42.00 to $44.00 and gave the company a buy rating in a research note on Tuesday, January 23rd. Finally, Barclays assumed coverage on Synovus Financial in a research note on Friday, March 8th. They set an equal weight rating and a $42.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Synovus Financial currently has an average rating of Moderate Buy and a consensus price target of $40.06.

Synovus Financial Trading Down 0.2 %

Synovus Financial stock opened at $37.92 on Thursday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a 50-day moving average of $37.88 and a 200-day moving average of $33.83. The company has a market cap of $5.55 billion, a price-to-earnings ratio of 10.96 and a beta of 1.40. Synovus Financial has a one year low of $24.40 and a one year high of $40.92.

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

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 4.01%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is 43.93%.

Insider Buying and Selling at Synovus Financial

In other news, Director Tim E. Bentsen sold 4,671 shares of the firm’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 transaction of $180,394.02. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 sale, the director now 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 Securities & Exchange Commission, which is available at this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the transaction, the executive vice president now 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 Investors Weigh In On Synovus Financial

Institutional investors and hedge funds have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. raised its position in shares of Synovus Financial by 10.4% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 14,877 shares of the bank’s stock valued at $729,000 after buying an additional 1,401 shares in the last quarter. Private Advisor Group LLC acquired a new position in Synovus Financial during the first quarter valued at approximately $419,000. PNC Financial Services Group Inc. raised its position in Synovus Financial by 10.8% during the first quarter. PNC Financial Services Group Inc. now owns 11,420 shares of the bank’s stock valued at $561,000 after purchasing an additional 1,109 shares in the last quarter. Great West Life Assurance Co. Can lifted its stake in Synovus Financial by 10.3% during the first quarter. Great West Life Assurance Co. Can now owns 82,348 shares of the bank’s stock worth $4,147,000 after purchasing an additional 7,682 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Synovus Financial in the 1st quarter valued at $74,000. 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.