Synovus Financial (NYSE:SNV) PT Lowered to $43.00 at DA Davidson

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

A number of other research firms have also issued reports on SNV. Bank of America lowered their price target on Synovus Financial from $44.00 to $40.00 and set a buy rating on the stock in a report on Friday. The Goldman Sachs Group lowered their price target on Synovus Financial from $46.00 to $41.00 and set a neutral rating on the stock in a report on Friday. Truist Financial raised 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. StockNews.com downgraded shares of Synovus Financial from a hold rating to a sell rating in a research report on Thursday, February 15th. Finally, Barclays reduced their price objective on shares of Synovus Financial from $42.00 to $39.00 and set an equal weight rating for the company in a research report on Friday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $41.53.

Synovus Financial Stock Performance

Shares of SNV stock opened at $34.91 on Friday. The stock’s 50-day moving average is $37.91 and its two-hundred day moving average is $34.63. The firm has a market cap of $5.11 billion, a price-to-earnings ratio of 11.96, a PEG ratio of 3.75 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 quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company had revenue of $537.73 million for the quarter, compared to analysts’ expectations of $547.62 million. During the same period in the prior year, the business earned $1.33 EPS. The business’s quarterly revenue was down 12.4% compared to the same quarter last year. Analysts predict that Synovus Financial will post 3.97 earnings per share for the current year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were given a dividend of $0.38 per share. The ex-dividend date of this dividend 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 52.05%.

Insider Activity

In related news, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial 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 completion of the transaction, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial 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 completion of the transaction, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial stock in a transaction that occurred 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 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 Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Phocas Financial Corp. acquired a new position in shares of Synovus Financial during the 4th quarter worth approximately $7,115,000. American Century Companies Inc. grew 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 worth $26,631,000 after acquiring an additional 301,604 shares during the period. Prudential PLC purchased a new stake in Synovus Financial in the 3rd quarter worth approximately $1,025,000. rhino investment partners Inc purchased a new stake in Synovus Financial in the 3rd quarter worth approximately $5,984,000. Finally, Barclays PLC grew its stake in Synovus Financial by 17.6% in the 3rd quarter. Barclays PLC now owns 437,126 shares of the bank’s stock worth $12,151,000 after acquiring an additional 65,434 shares during the period. 83.85% of the stock is currently 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.