Synovus Financial (NYSE:SNV) Shares Up 4.5% on Analyst Upgrade

Synovus Financial Corp. (NYSE:SNV)’s stock price rose 4.5% during mid-day trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $48.00 to $49.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Synovus Financial traded as high as $39.66 and last traded at $39.64. Approximately 314,113 shares were traded during trading, a decline of 77% from the average daily volume of 1,364,569 shares. The stock had previously closed at $37.95.

Other equities analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $38.00 price objective (down previously from $46.00) on shares of Synovus Financial in a research note on Friday, April 19th. Evercore ISI boosted 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 note on Thursday, March 28th. Bank of America reduced their price objective on shares of Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, April 19th. Truist Financial reduced their price objective on shares of Synovus Financial from $45.00 to $39.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. Finally, Piper Sandler reduced their price target 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. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average price target of $42.00.

Insider Buying and Selling at Synovus Financial

In other news, major shareholder Eli Samaha sold 6,803 shares of the 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 directly owns 1,466,493 shares of the company’s stock, valued at approximately $36,984,953.46. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, major shareholder Eli Samaha sold 6,803 shares of the 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 directly owns 1,466,493 shares of the company’s stock, valued at approximately $36,984,953.46. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP D Wayne Akins, Jr. purchased 24,500 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was bought at an average cost of $37.40 per share, for a total transaction of $916,300.00. Following the completion of the purchase, the executive vice president now directly owns 41,884 shares in the company, valued at approximately $1,566,461.60. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 179,712 shares of company stock valued at $4,528,878. 0.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allworth Financial LP lifted its stake in Synovus Financial by 333.5% in the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after buying an additional 557 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Synovus Financial in the 4th quarter valued at about $28,000. MeadowBrook Investment Advisors LLC acquired a new stake in Synovus Financial in the 4th quarter valued at about $30,000. American National Bank acquired a new stake in Synovus Financial in the 4th quarter valued at about $38,000. Finally, Tennessee Valley Asset Management Partners acquired a new stake in Synovus Financial in the 4th quarter valued at about $42,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

The stock’s fifty day simple moving average is $37.99 and its 200 day simple moving average is $37.75. The company has a market cap of $5.80 billion, a price-to-earnings ratio of 13.00, a P/E/G ratio of 5.10 and a beta of 1.41. 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 (NYSE:SNV) last announced its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The firm had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The firm’s quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.33 EPS. As a group, analysts anticipate that Synovus Financial Corp. will post 3.82 earnings per share for the current year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Thursday, June 20th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.83%. Synovus Financial’s payout ratio is currently 52.05%.

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.