Bank of America Trims Synovus Financial (NYSE:SNV) Target Price to $40.00

Synovus Financial (NYSE:SNV) had its price objective cut by Bank of America from $44.00 to $40.00 in a research report released on Friday morning, Benzinga reports. They currently have a buy rating on the bank’s stock.

A number of other analysts have also recently weighed in on SNV. Royal Bank of Canada boosted their target price on shares of Synovus Financial from $42.00 to $44.00 and gave the stock an outperform rating in a research note on Tuesday, April 9th. DA Davidson reaffirmed a buy rating on shares of Synovus Financial in a research note on Monday, January 15th. Morgan Stanley boosted their price objective on shares of Synovus Financial from $29.00 to $37.00 and gave the stock an equal weight rating in a research note on Wednesday, February 7th. 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. Finally, UBS Group boosted their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the stock a buy rating in a research note on Tuesday, January 23rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Synovus Financial has a consensus rating of Moderate Buy and an average target price of $41.53.

Synovus Financial Stock Up 3.0 %

Shares of SNV opened at $34.91 on Friday. The firm has a 50 day simple moving average of $37.91 and a two-hundred day simple moving average of $34.63. The company has a market cap of $5.11 billion, a P/E ratio of 11.96, a P/E/G ratio of 3.75 and a beta of 1.40. Synovus Financial has a one year low of $24.40 and a one year high of $40.92. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last posted its 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). The company had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The business’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.33 EPS. Research analysts forecast that Synovus Financial will post 3.97 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 annualized dividend and a dividend yield of 4.35%. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insider Activity

In other news, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total transaction of $180,394.02. Following the transaction, the director now owns 33,144 shares in the company, valued at $1,280,021.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following the sale, the executive vice president now owns 11,086 shares in the company, valued at approximately $423,817.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the completion of the sale, the director now owns 33,144 shares in the company, valued at approximately $1,280,021.28. The disclosure for this sale can be found here. Company insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. Phocas Financial Corp. acquired a new stake in shares of Synovus Financial in the 4th quarter worth about $7,115,000. American Century Companies Inc. increased its stake in Synovus Financial by 46.0% in the 3rd quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock valued at $26,631,000 after buying an additional 301,604 shares during the last quarter. Prudential PLC purchased a new stake in Synovus Financial in the 3rd quarter valued at about $1,025,000. rhino investment partners Inc purchased a new stake in Synovus Financial in the 3rd quarter valued at about $5,984,000. Finally, Barclays PLC increased its stake in Synovus Financial by 17.6% in the 3rd quarter. Barclays PLC now owns 437,126 shares of the bank’s stock valued at $12,151,000 after buying an additional 65,434 shares during the last quarter. Institutional investors and hedge funds 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.