JPMorgan Chase & Co. Cuts Synovus Financial (NYSE:SNV) Price Target to $48.00

Synovus Financial (NYSE:SNV) had its price objective cut by JPMorgan Chase & Co. from $50.00 to $48.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an overweight rating on the bank’s stock.

A number of other equities research analysts have also recently issued reports on SNV. Jefferies Financial Group reduced their target price on shares of Synovus Financial from $46.00 to $43.00 and set a buy rating for the company in a research report on Monday, April 8th. StockNews.com cut shares of Synovus Financial from a hold rating to a sell rating in a research report on Thursday, February 15th. UBS Group upped their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the stock a buy rating in a research report on Tuesday, January 23rd. Truist Financial upped their price objective on shares of Synovus Financial from $42.00 to $45.00 and gave the stock a buy rating in a research report on Monday, April 1st. Finally, Morgan Stanley boosted their target price on Synovus Financial from $29.00 to $37.00 and gave the stock an equal weight rating in a research note on Wednesday, February 7th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $41.53.

Synovus Financial Trading Up 3.0 %

SNV stock opened at $34.91 on Friday. 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 company has a fifty day moving average price of $37.91 and a two-hundred day moving average price of $34.63. Synovus Financial has a one year low of $24.40 and a one year high of $40.92. The stock has a market cap of $5.11 billion, a price-to-earnings ratio of 11.96, a price-to-earnings-growth ratio of 3.75 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last released 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 company had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same period last year, the firm earned $1.33 earnings per share. The company’s revenue for the quarter was down 12.4% compared to the same quarter last year. Equities analysts anticipate that Synovus Financial will post 3.97 EPS for the current year.

Synovus Financial Announces Dividend

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

Insider Activity at Synovus Financial

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

Hedge Funds Weigh In On Synovus Financial

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Synovus Financial by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 14,996,954 shares of the bank’s stock worth $562,536,000 after purchasing an additional 170,332 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Synovus Financial by 1.6% in the 1st quarter. BlackRock Inc. now owns 14,098,433 shares of the bank’s stock worth $434,655,000 after purchasing an additional 228,708 shares in the last quarter. FMR LLC lifted its holdings in shares of Synovus Financial by 10.0% in the 3rd quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock worth $297,530,000 after purchasing an additional 977,155 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Synovus Financial by 56.9% in the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock worth $295,127,000 after purchasing an additional 2,843,488 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of Synovus Financial by 15.7% in the 1st quarter. State Street Corp now owns 6,937,880 shares of the bank’s stock worth $216,502,000 after purchasing an additional 941,244 shares in the last quarter. 83.85% of the stock is currently owned by 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.