JPMorgan Chase & Co. Has Lowered Expectations for Synovus Financial (NYSE:SNV) Stock Price

Synovus Financial (NYSE:SNV) had its price target reduced by JPMorgan Chase & Co. from $65.00 to $58.00 in a research report sent to investors on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the bank’s stock.

SNV has been the subject of a number of other research reports. Wall Street Zen upgraded Synovus Financial from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Stephens reduced their price objective on Synovus Financial from $60.00 to $54.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 29th. DA Davidson boosted their price target on Synovus Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, July 18th. Barclays reduced their price target on Synovus Financial from $70.00 to $65.00 and set an “overweight” rating for the company in a research report on Monday, July 28th. Finally, Raymond James Financial lowered Synovus Financial from a “moderate buy” rating to a “hold” rating in a research report on Monday, July 28th. Ten equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, Synovus Financial has a consensus rating of “Moderate Buy” and an average price target of $58.50.

Synovus Financial Price Performance

Shares of SNV opened at $48.66 on Wednesday. The firm has a market cap of $6.75 billion, a price-to-earnings ratio of 9.34, a PEG ratio of 0.81 and a beta of 1.21. The stock has a 50 day moving average of $49.80 and a 200-day moving average of $48.46. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77. Synovus Financial has a 52 week low of $35.94 and a 52 week high of $61.06.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, topping the consensus estimate of $1.25 by $0.23. The company had revenue of $592.08 million during the quarter, compared to analyst estimates of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.During the same quarter last year, the firm earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. As a group, analysts forecast that Synovus Financial will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th were issued a $0.39 dividend. The ex-dividend date was Thursday, September 18th. This represents a $1.56 annualized dividend and a dividend yield of 3.2%. Synovus Financial’s dividend payout ratio is 29.94%.

Insider Transactions at Synovus Financial

In other news, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the business’s stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average price of $48.90 per share, for a total transaction of $97,800.00. Following the completion of the acquisition, the chief financial officer directly owned 58,220 shares in the company, valued at $2,846,958. This represents a 3.56% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Diana M. Murphy bought 1,000 shares of the business’s stock in a transaction dated Tuesday, July 29th. The shares were bought at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the completion of the transaction, the director directly owned 40,171 shares of the company’s stock, valued at $1,960,344.80. This trade represents a 2.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 8,040 shares of company stock worth $392,916. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

Institutional investors and hedge funds have recently modified their holdings of the stock. Cerity Partners LLC raised its position in shares of Synovus Financial by 50.9% during the first quarter. Cerity Partners LLC now owns 23,879 shares of the bank’s stock worth $1,116,000 after purchasing an additional 8,059 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Synovus Financial during the first quarter worth $251,000. First Citizens Bank & Trust Co. raised its position in shares of Synovus Financial by 32.8% during the first quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank’s stock worth $1,081,000 after purchasing an additional 5,717 shares during the period. Jackson Creek Investment Advisors LLC acquired a new stake in shares of Synovus Financial during the first quarter worth $237,000. Finally, Tradewinds LLC. acquired a new stake in shares of Synovus Financial during the first quarter worth $351,000. 83.85% of the stock is owned by institutional investors and hedge funds.

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.