Synovus Financial (NYSE:SNV) Given New $39.00 Price Target at Barclays

Synovus Financial (NYSE:SNV) had its price target trimmed by Barclays from $42.00 to $39.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

SNV has been the topic of a number of other research reports. Evercore ISI increased their price objective on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an in-line rating in a research report on Thursday, March 28th. Keefe, Bruyette & Woods reissued a market perform rating and set a $38.00 target price (down previously from $46.00) on shares of Synovus Financial in a research report on Friday. Truist Financial raised their price target on shares of Synovus Financial from $42.00 to $45.00 and gave the stock a buy rating in a research note on Monday, April 1st. Royal Bank of Canada raised their price target on shares of Synovus Financial from $42.00 to $44.00 and gave the stock an outperform rating in a research note on Tuesday, April 9th. Finally, UBS Group lifted their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the company a buy rating in a research note on Tuesday, January 23rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $41.53.

Synovus Financial Trading Up 3.0 %

Shares of SNV stock opened at $34.91 on Friday. 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 cap of $5.11 billion, a P/E ratio of 11.96, a price-to-earnings-growth ratio of 3.64 and a beta of 1.40. The stock has a 50 day simple moving average of $37.91 and a 200 day simple moving average of $34.52. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $40.92.

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

Synovus Financial Announces Dividend

The firm also recently declared 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 4.35%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio is presently 52.05%.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 2,045 shares of the business’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 transaction, the executive vice president now owns 11,086 shares in the company, valued at $423,817.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the transaction, the executive vice president now owns 11,086 shares in the company, valued at $423,817.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Tim E. Bentsen sold 4,671 shares of the business’s stock in a transaction dated 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 owns 33,144 shares in the company, valued at approximately $1,280,021.28. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

A number of institutional investors and hedge funds have recently made changes to their positions in SNV. Wellington Management Group LLP increased its stake in shares of Synovus Financial by 56.9% during 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 in the last quarter. Channing Capital Management LLC purchased a new stake in shares of Synovus Financial during the fourth quarter valued at approximately $72,201,000. Norges Bank purchased a new stake in shares of Synovus Financial during the fourth quarter valued at approximately $59,941,000. North Reef Capital Management LP grew its holdings 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 valued at $124,683,000 after buying an additional 1,548,370 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings 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 valued at $194,951,000 after buying an additional 1,016,231 shares during the last quarter. 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.