Synovus Financial (NYSE:SNV) PT Lowered to $39.00

Synovus Financial (NYSE:SNV) had its target price reduced by Truist Financial from $45.00 to $39.00 in a report released on Monday morning, Benzinga reports. Truist Financial currently has a buy rating on the bank’s stock.

A number of other equities research analysts have also weighed in on SNV. Piper Sandler cut their price objective on Synovus Financial from $46.00 to $42.00 and set an overweight rating on the stock in a research report on Friday, April 19th. Barclays dropped their price target on Synovus Financial from $42.00 to $39.00 and set an equal weight rating on the stock in a research report on Friday, April 19th. Jefferies Financial Group dropped their price target on Synovus Financial from $46.00 to $43.00 and set a buy rating on the stock in a research report on Monday, April 8th. The Goldman Sachs Group dropped their price target on Synovus Financial from $46.00 to $41.00 and set a neutral rating on the stock in a research report on Friday, April 19th. Finally, 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 report on Friday, April 19th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has an average rating of Hold and an average target price of $41.38.

Synovus Financial Price Performance

Shares of SNV stock opened at $36.59 on Monday. The firm has a market cap of $5.36 billion, a P/E ratio of 12.53, a P/E/G ratio of 4.21 and a beta of 1.40. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $40.92. The business’s 50 day moving average price is $37.92 and its 200-day moving average price is $34.79. 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 issued its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The business had revenue of $537.73 million during 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%. Synovus Financial’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.33 earnings per share. On average, equities research analysts anticipate that Synovus Financial will post 3.8 earnings per share for the current year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s payout ratio is 52.05%.

Institutional Inflows and Outflows

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

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.