Synovus Financial (NYSE:SNV) Price Target Cut to $39.00 by Analysts at Barclays

Synovus Financial (NYSE:SNV) had its price objective lowered by Barclays from $42.00 to $39.00 in a research report report published on Friday morning, Benzinga reports. Barclays currently has an equal weight rating on the bank’s stock.

SNV has been the topic of several other reports. The Goldman Sachs Group cut their target price on Synovus Financial from $46.00 to $41.00 and set a neutral rating on the stock in a research note on Friday. Truist Financial raised their price target on Synovus Financial from $42.00 to $45.00 and gave the stock a buy rating in a research note on Monday, April 1st. Bank of America dropped their price target on Synovus Financial from $44.00 to $40.00 and set a buy rating on the stock in a research note on Friday. UBS Group raised their price target on Synovus Financial from $42.00 to $44.00 and gave the stock a buy rating in a research note on Tuesday, January 23rd. Finally, Morgan Stanley raised their price target on Synovus Financial from $29.00 to $37.00 and gave the stock an equal weight rating in a research note on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $41.18.

Synovus Financial Stock Performance

Shares of SNV opened at $35.68 on Friday. The business’s fifty day simple moving average is $37.88 and its two-hundred day simple moving average is $34.69. 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 12 month low of $24.40 and a 12 month high of $40.92. The company has a market cap of $5.22 billion, a price-to-earnings ratio of 12.22, a P/E/G ratio of 3.83 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last issued its earnings results on Thursday, April 18th. The bank reported $0.79 EPS 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 business had revenue of $537.73 million for the quarter, compared to analysts’ expectations of $547.62 million. During the same quarter in the prior year, the business posted $1.33 earnings per share. The business’s revenue for the quarter was down 12.4% on a year-over-year basis. Research analysts anticipate that Synovus Financial will post 3.97 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were given a dividend of $0.38 per share. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 annualized dividend and a yield of 4.26%. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Insider Activity at Synovus Financial

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 transaction of $180,394.02. Following 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 Securities & Exchange Commission, which is available through the SEC website. 0.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Synovus Financial

Institutional investors and hedge funds have recently bought and sold shares of the business. Phocas Financial Corp. bought a new stake in Synovus Financial during the fourth quarter valued at about $7,115,000. American Century Companies Inc. raised its holdings in Synovus Financial by 46.0% during the third quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock valued at $26,631,000 after acquiring an additional 301,604 shares during the period. Prudential PLC bought a new stake in Synovus Financial during the third quarter valued at about $1,025,000. rhino investment partners Inc bought a new stake in Synovus Financial during the third quarter valued at about $5,984,000. Finally, Barclays PLC raised its holdings in Synovus Financial by 17.6% during the third 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 period. 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.