Synovus Financial (NYSE:SNV) Price Target Raised to $47.00 at DA Davidson

Synovus Financial (NYSE:SNV) had its target price hoisted by DA Davidson from $43.00 to $47.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a buy rating on the bank’s stock.

A number of other equities research analysts have also recently issued reports on SNV. Piper Sandler dropped their price target on shares of Synovus Financial from $46.00 to $42.00 and set an overweight rating on the stock in a research note on Friday, April 19th. JPMorgan Chase & Co. cut their target price on shares of Synovus Financial from $50.00 to $48.00 and set an overweight rating for the company in a research note on Friday, April 19th. Wells Fargo & Company decreased their price target on shares of Synovus Financial from $42.00 to $40.00 and set an overweight rating on the stock in a research note on Friday, April 19th. Bank of America cut their price objective on Synovus Financial from $44.00 to $40.00 and set a buy rating for the company in a research note on Friday, April 19th. Finally, Evercore ISI lifted their price target on Synovus Financial from $40.00 to $42.00 and gave the stock an in-line rating in a research note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $41.50.

Synovus Financial Stock Down 0.8 %

SNV opened at $38.39 on Tuesday. The company has a fifty day moving average of $37.95 and a two-hundred day moving average of $35.48. 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 has a fifty-two week low of $24.40 and a fifty-two week high of $40.92. The stock has a market capitalization of $5.62 billion, a price-to-earnings ratio of 13.15, a PEG ratio of 4.48 and a beta of 1.41.

Synovus Financial (NYSE:SNV) last announced its quarterly 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). 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 during the quarter, compared to analysts’ expectations of $547.62 million. During the same quarter in the prior year, the firm earned $1.33 EPS. Synovus Financial’s revenue for the quarter was down 12.4% on a year-over-year basis. On average, research analysts expect that Synovus Financial will post 3.76 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently announced 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 3.96%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Institutional Trading of Synovus Financial

Several hedge funds have recently made changes to their positions in the company. Qsemble Capital Management LP acquired a new position in Synovus Financial in the first quarter valued at approximately $1,010,000. Inspire Advisors LLC raised its position in Synovus Financial by 2.8% in the first quarter. Inspire Advisors LLC now owns 31,281 shares of the bank’s stock valued at $1,253,000 after purchasing an additional 857 shares during the period. Swiss National Bank lifted its stake in shares of Synovus Financial by 0.3% in the 1st quarter. Swiss National Bank now owns 288,819 shares of the bank’s stock valued at $11,570,000 after purchasing an additional 800 shares during the last quarter. Texas Permanent School Fund Corp grew its holdings in shares of Synovus Financial by 1.5% during the 1st quarter. Texas Permanent School Fund Corp now owns 127,989 shares of the bank’s stock worth $5,127,000 after purchasing an additional 1,840 shares during the period. Finally, WBI Investments LLC increased its position in shares of Synovus Financial by 4.9% during the 1st quarter. WBI Investments LLC now owns 12,908 shares of the bank’s stock worth $517,000 after purchasing an additional 600 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.