Barclays Raises Synovus Financial (NYSE:SNV) Price Target to $47.00

Synovus Financial (NYSE:SNV) had its price objective boosted by Barclays from $46.00 to $47.00 in a report issued on Friday morning, Benzinga reports. Barclays currently has an overweight rating on the bank’s stock.

Other research analysts have also issued reports about the company. JPMorgan Chase & Co. lifted their target price on Synovus Financial from $48.00 to $49.00 and gave the company an overweight rating in a report on Thursday, June 27th. The Goldman Sachs Group decreased their target price on Synovus Financial from $46.00 to $41.00 and set a neutral rating for the company in a report on Friday, April 19th. StockNews.com upgraded Synovus Financial from a sell rating to a hold rating in a report on Thursday. Morgan Stanley reiterated an equal weight rating and issued a $37.00 target price on shares of Synovus Financial in a report on Monday, April 22nd. Finally, Wells Fargo & Company lifted their target price on Synovus Financial from $40.00 to $42.00 and gave the company an overweight rating in a report on Tuesday, July 9th. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Synovus Financial has a consensus rating of Moderate Buy and a consensus target price of $45.56.

Synovus Financial Trading Up 0.2 %

SNV opened at $45.09 on Friday. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $47.76. The business has a fifty day simple moving average of $39.47 and a 200-day simple moving average of $38.23. The firm has a market cap of $6.60 billion, a P/E ratio of 15.44, a P/E/G ratio of 3.69 and a beta of 1.40. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, topping the consensus estimate of $0.96 by $0.20. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The business had revenue of $563.60 million during the quarter, compared to analyst estimates of $543.52 million. During the same period last year, the business posted $1.16 earnings per share. The company’s quarterly revenue was down .7% on a year-over-year basis. On average, equities analysts expect that Synovus Financial will post 3.92 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Thursday, June 20th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date was Thursday, June 20th. Synovus Financial’s dividend payout ratio (DPR) is currently 52.05%.

Insider Transactions at Synovus Financial

In other news, major shareholder Eli Samaha sold 172,889 shares of Synovus Financial stock in a transaction dated 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 sale, the insider now owns 1,293,259 shares in the company, valued at $32,590,126.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP D Wayne Akins, Jr. bought 24,500 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were acquired at an average price of $37.40 per share, for a total transaction of $916,300.00. Following the completion of the transaction, the executive vice president now owns 41,884 shares of the company’s stock, valued at $1,566,461.60. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Eli Samaha sold 172,889 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 1,293,259 shares in the company, valued at approximately $32,590,126.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 179,712 shares of company stock worth $4,528,878. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in SNV. Vest Financial LLC purchased a new position in shares of Synovus Financial during the fourth quarter worth about $226,000. Pacer Advisors Inc. grew its holdings in shares of Synovus Financial by 78.9% during the fourth quarter. Pacer Advisors Inc. now owns 21,983 shares of the bank’s stock worth $828,000 after buying an additional 9,698 shares during the last quarter. Values First Advisors Inc. grew its holdings in shares of Synovus Financial by 2.9% during the fourth quarter. Values First Advisors Inc. now owns 62,145 shares of the bank’s stock worth $2,340,000 after buying an additional 1,735 shares during the last quarter. Inscription Capital LLC purchased a new position in shares of Synovus Financial during the fourth quarter worth about $264,000. Finally, PFW Advisors LLC grew its holdings in shares of Synovus Financial by 5.4% during the fourth quarter. PFW Advisors LLC now owns 8,433 shares of the bank’s stock worth $318,000 after buying an additional 433 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.