Synovus Financial (NYSE:SNV) Price Target Raised to $42.00

Synovus Financial (NYSE:SNV) had its price target lifted by Wells Fargo & Company from $40.00 to $42.00 in a research report report published on Tuesday, Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

A number of other research firms also recently weighed in on SNV. Barclays raised Synovus Financial from an equal weight rating to an overweight rating and upped their price target for the stock from $39.00 to $46.00 in a research note on Monday, June 24th. Royal Bank of Canada dropped their price target on Synovus Financial from $44.00 to $41.00 and set an outperform rating on the stock in a research note on Friday, April 19th. JPMorgan Chase & Co. upped their price target on Synovus Financial from $48.00 to $49.00 and gave the stock an overweight rating in a research note on Thursday, June 27th. Morgan Stanley reissued an equal weight rating and issued a $37.00 price objective on shares of Synovus Financial in a research note on Monday, April 22nd. Finally, Bank of America lowered 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. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Synovus Financial has a consensus rating of Moderate Buy and an average target price of $42.63.

Synovus Financial Stock Up 4.2 %

Shares of Synovus Financial stock opened at $42.40 on Tuesday. Synovus Financial has a one year low of $24.40 and a one year high of $42.64. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. The stock’s 50-day moving average is $38.79 and its 200 day moving average is $37.93. The firm has a market cap of $6.21 billion, a price-to-earnings ratio of 14.52, a PEG ratio of 5.26 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results 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). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The firm had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. During the same period last year, the company posted $1.33 earnings per share. The firm’s quarterly revenue was down 12.4% compared to the same quarter last year. Equities research analysts anticipate that Synovus Financial will post 3.86 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Thursday, June 20th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend was Thursday, June 20th. Synovus Financial’s dividend payout ratio (DPR) is 52.05%.

Insider Transactions at Synovus Financial

In other news, major shareholder Eli Samaha sold 172,889 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $25.20, for a total value of $4,356,802.80. Following the completion of the transaction, the insider now directly owns 1,293,259 shares of the company’s stock, valued at $32,590,126.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Eli Samaha sold 172,889 shares of Synovus Financial stock in a transaction on Monday, June 10th. The stock was sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the completion of the sale, the insider now owns 1,293,259 shares of the company’s stock, valued at $32,590,126.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP D Wayne Akins, Jr. acquired 24,500 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were acquired at an average cost 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 of the company’s stock, valued at approximately $1,566,461.60. The disclosure for this purchase can be found here. Insiders sold 179,712 shares of company stock valued at $4,528,878 over the last three months. Company insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

Several large investors have recently added to or reduced their stakes in SNV. Allworth Financial LP raised its position in Synovus Financial by 333.5% during the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after purchasing an additional 557 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in Synovus Financial during the fourth quarter valued at about $28,000. MeadowBrook Investment Advisors LLC purchased a new stake in Synovus Financial during the fourth quarter valued at about $30,000. American National Bank purchased a new stake in Synovus Financial during the fourth quarter valued at about $38,000. Finally, Tennessee Valley Asset Management Partners purchased a new stake in Synovus Financial during the fourth quarter valued at about $42,000. 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.