Synovus Financial (NYSE:SNV) Price Target Cut to $42.00 by Analysts at Piper Sandler

Synovus Financial (NYSE:SNV) had its price objective trimmed by Piper Sandler from $46.00 to $42.00 in a research report report published on Friday morning, Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

A number of other brokerages have also weighed in on SNV. Morgan Stanley increased their price objective on Synovus Financial from $29.00 to $37.00 and gave the company an equal weight rating in a report on Wednesday, February 7th. Evercore ISI upped their target price on Synovus Financial from $40.00 to $42.00 and gave the stock an in-line rating in a research note on Thursday, March 28th. Wells Fargo & Company lowered their target price on Synovus Financial from $42.00 to $40.00 and set an overweight rating on the stock in a research note on Friday. JPMorgan Chase & Co. lowered their target price on Synovus Financial from $50.00 to $48.00 and set an overweight rating on the stock in a research note on Friday. Finally, StockNews.com downgraded Synovus Financial from a hold rating to a sell rating in a research note on Thursday, February 15th. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $41.53.

Synovus Financial Price Performance

Shares of SNV stock opened at $34.91 on Friday. The stock has a market capitalization of $5.11 billion, a price-to-earnings ratio of 11.96, a P/E/G ratio of 3.64 and a beta of 1.40. 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 has a twelve month low of $24.40 and a twelve month high of $40.92. The stock has a fifty day simple moving average of $37.91 and a two-hundred day simple moving average of $34.52.

Synovus Financial (NYSE:SNV) last announced 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 business had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The company’s quarterly revenue was down 12.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.33 earnings per share. On average, analysts predict that Synovus Financial will post 4.05 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

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

Insider Activity at Synovus Financial

In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction 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 sale, the director now owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the transaction, the director now directly owns 33,144 shares in the company, valued at $1,280,021.28. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the transaction, the executive vice president now owns 11,086 shares of the company’s stock, valued at $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

Institutional investors have recently bought and sold shares of the business. Phocas Financial Corp. purchased a new stake in Synovus Financial during the 4th quarter worth about $7,115,000. American Century Companies Inc. lifted its stake in Synovus Financial by 46.0% in the 3rd quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock valued at $26,631,000 after buying an additional 301,604 shares in the last quarter. Prudential PLC purchased a new stake in Synovus Financial in the 3rd quarter valued at approximately $1,025,000. rhino investment partners Inc acquired a new position in Synovus Financial in the 3rd quarter valued at $5,984,000. Finally, Barclays PLC raised its holdings in Synovus Financial by 17.6% in the 3rd quarter. Barclays PLC now owns 437,126 shares of the bank’s stock valued at $12,151,000 after acquiring an additional 65,434 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

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.