Synovus Financial (NYSE:SNV) Raised to Overweight at Barclays

Barclays upgraded shares of Synovus Financial (NYSE:SNV) from an equal weight rating to an overweight rating in a report issued on Monday, Marketbeat reports. Barclays currently has $46.00 price target on the bank’s stock, up from their previous price target of $39.00.

SNV has been the subject of several other research reports. DA Davidson increased their price objective on Synovus Financial from $43.00 to $47.00 and gave the company a buy rating in a report on Tuesday, May 7th. Evercore ISI boosted their price objective on Synovus Financial from $40.00 to $42.00 and gave the company an in-line rating in a research report on Thursday, March 28th. JPMorgan Chase & Co. reduced their price target on shares of Synovus Financial from $50.00 to $48.00 and set an overweight rating for the company in a research report on Friday, April 19th. The Goldman Sachs Group reduced their price objective on Synovus Financial from $46.00 to $41.00 and set a neutral rating for the company in a research note on Friday, April 19th. Finally, Keefe, Bruyette & Woods reissued a market perform rating and issued a $38.00 target price (down from $46.00) on shares of Synovus Financial in a research note on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $41.94.

Synovus Financial Price Performance

SNV opened at $37.71 on Monday. 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 business’s fifty day simple moving average is $37.90 and its 200-day simple moving average is $37.75. The company has a market capitalization of $5.52 billion, a price-to-earnings ratio of 12.91, a PEG ratio of 5.11 and a beta of 1.41. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $40.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The business had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same period last year, the firm earned $1.33 EPS. The business’s quarterly revenue was down 12.4% on a year-over-year basis. On average, equities research analysts anticipate that Synovus Financial will post 3.82 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Thursday, June 20th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 4.03%. The ex-dividend date of this dividend is Thursday, June 20th. Synovus Financial’s dividend payout ratio is presently 52.05%.

Insider Activity at Synovus Financial

In related news, major shareholder Eli Samaha sold 6,803 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total transaction of $171,571.66. Following the sale, the insider now owns 1,466,493 shares of the company’s stock, valued at $36,984,953.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Synovus Financial news, EVP D Wayne Akins, Jr. purchased 24,500 shares of Synovus Financial stock in a transaction on Friday, June 7th. The shares were bought at an average price of $37.40 per share, with a total value of $916,300.00. Following the purchase, the executive vice president now directly owns 41,884 shares in the company, valued at approximately $1,566,461.60. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Eli Samaha sold 6,803 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total transaction of $171,571.66. Following the completion of the sale, the insider now directly owns 1,466,493 shares in the company, valued at $36,984,953.46. The disclosure for this sale can be found here. Insiders sold a total of 179,712 shares of company stock worth $4,528,878 over the last 90 days. Company insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

Institutional investors have recently bought and sold shares of the business. Pitcairn Co. boosted its stake in shares of Synovus Financial by 2.3% in the first quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock valued at $462,000 after purchasing an additional 261 shares during the period. EverSource Wealth Advisors LLC grew its stake in Synovus Financial by 18.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after purchasing an additional 298 shares in the last quarter. Yousif Capital Management LLC grew its position in shares of Synovus Financial by 0.5% in the 4th quarter. Yousif Capital Management LLC now owns 69,749 shares of the bank’s stock worth $2,626,000 after acquiring an additional 360 shares in the last quarter. Abich Financial Wealth Management LLC boosted its holdings in Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after purchasing an additional 371 shares during the period. Finally, Truist Financial Corp boosted its holdings in shares of Synovus Financial by 0.3% in the 4th quarter. Truist Financial Corp now owns 121,099 shares of the bank’s stock valued at $4,559,000 after buying an additional 376 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

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.