Synovus Financial’s (SNV) “Market Perform” Rating Reiterated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reissued their market perform rating on shares of Synovus Financial (NYSE:SNV) in a research report report published on Friday, Marketbeat Ratings reports. They currently have a $38.00 price target on the bank’s stock, down from their previous price target of $46.00.

SNV has been the subject of a number of other research reports. Morgan Stanley raised their price target on shares of Synovus Financial from $29.00 to $37.00 and gave the company an equal weight rating in a report on Wednesday, February 7th. Royal Bank of Canada raised their price target on shares of Synovus Financial from $42.00 to $44.00 and gave the company an outperform rating in a report on Tuesday, April 9th. UBS Group raised their price target on shares of Synovus Financial from $42.00 to $44.00 and gave the company a buy rating in a report on Tuesday, January 23rd. Barclays initiated coverage on shares of Synovus Financial in a report on Friday, March 8th. They issued an equal weight rating and a $42.00 price target for the company. Finally, Jefferies Financial Group lowered their price target on shares of Synovus Financial from $46.00 to $43.00 and set a buy rating for the company in a report on Monday, April 8th. 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 company. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $41.53.

Synovus Financial Stock Performance

NYSE:SNV opened at $34.91 on Friday. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $40.92. The firm has a 50 day moving average of $37.91 and a 200-day moving average of $34.63. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $5.11 billion, a P/E ratio of 11.96, a price-to-earnings-growth ratio of 3.75 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last posted its 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 net margin of 13.29% and a return on equity of 12.93%. The firm had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same quarter last year, the firm posted $1.33 EPS. The business’s revenue was down 12.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Synovus Financial will post 3.97 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 4.35%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is 52.05%.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s 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 approximately $423,817.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s 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 sale, the executive vice president now directly owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Tim E. Bentsen sold 4,671 shares of the business’s stock in a transaction 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 completion of the sale, the director now directly owns 33,144 shares in the company, valued at $1,280,021.28. The disclosure for this sale can be found here. 0.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Synovus Financial

Several institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP lifted its position in Synovus Financial by 333.5% during the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after buying an additional 557 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Synovus Financial during the 4th quarter worth about $28,000. MeadowBrook Investment Advisors LLC bought a new stake in Synovus Financial during the 4th quarter worth about $30,000. Lazard Asset Management LLC lifted its position in Synovus Financial by 64.8% during the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock worth $30,000 after buying an additional 318 shares in the last quarter. Finally, First Command Advisory Services Inc. bought a new stake in Synovus Financial during the 3rd quarter worth about $33,000. 83.85% of the stock is owned by institutional investors.

Synovus Financial Company Profile

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.