The Goldman Sachs Group Cuts Synovus Financial (NYSE:SNV) Price Target to $41.00

Synovus Financial (NYSE:SNV) had its target price decreased by The Goldman Sachs Group from $46.00 to $41.00 in a research report released on Friday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the bank’s stock.

Several other research firms also recently weighed in on SNV. Barclays started coverage on Synovus Financial in a research note on Friday, March 8th. They issued an equal weight rating and a $42.00 price objective for the company. StockNews.com cut Synovus Financial from a hold rating to a sell rating in a report on Thursday, February 15th. DA Davidson reiterated a buy rating on shares of Synovus Financial in a report on Monday, January 15th. UBS Group increased their target price on Synovus Financial from $42.00 to $44.00 and gave the company a buy rating in a report on Tuesday, January 23rd. Finally, 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 report on Friday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Synovus Financial has an average rating of Moderate Buy and a consensus target price 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 company has a market capitalization of $5.11 billion, a P/E ratio of 11.96, a PEG ratio of 3.75 and a beta of 1.40. The business has a 50 day moving average price of $37.91 and a 200 day moving average price of $34.63. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate 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 analysts’ expectations of $547.62 million. During the same period in the previous year, the business earned $1.33 earnings per share. The business’s revenue for the quarter was down 12.4% on a year-over-year basis. Sell-side analysts expect that Synovus Financial will post 3.97 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. Investors of record on Thursday, March 21st were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 4.35%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is currently 52.05%.

Insider Buying and Selling

In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the 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 directly owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction dated 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 directly owns 11,086 shares in the company, valued at $423,817.78. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SNV. Wellington Management Group LLP raised its position in Synovus Financial by 56.9% in the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after purchasing an additional 2,843,488 shares during the period. Channing Capital Management LLC purchased a new stake in shares of Synovus Financial during the fourth quarter worth about $72,201,000. Norges Bank purchased a new stake in shares of Synovus Financial during the fourth quarter worth about $59,941,000. North Reef Capital Management LP increased its position in shares of Synovus Financial by 52.7% during the third quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after acquiring an additional 1,548,370 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Synovus Financial by 24.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock worth $194,951,000 after acquiring an additional 1,016,231 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other 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.