Piper Sandler Cuts Synovus Financial (NYSE:SNV) Price Target to $42.00

Synovus Financial (NYSE:SNV) had its price objective reduced by Piper Sandler from $46.00 to $42.00 in a report issued on Friday, Benzinga reports. They currently have an overweight rating on the bank’s stock.

Other analysts also recently issued reports about the stock. The Goldman Sachs Group reduced their target price on shares of Synovus Financial from $46.00 to $41.00 and set a neutral rating on the stock in a research report on Friday. JPMorgan Chase & Co. dropped their price target on shares of Synovus Financial from $50.00 to $48.00 and set an overweight rating on the stock in a research note on Friday. Wells Fargo & Company dropped their price target on shares of Synovus Financial from $42.00 to $40.00 and set an overweight rating on the stock in a research note on Friday. Bank of America dropped their price target on shares of Synovus Financial from $44.00 to $40.00 and set a buy rating on the stock in a research note on Friday. Finally, StockNews.com cut shares of Synovus Financial from a hold rating to a sell rating in a research note on Thursday, February 15th. 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. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $41.53.

Synovus Financial Stock Performance

NYSE:SNV opened at $34.91 on Friday. The firm’s fifty day simple moving average is $37.91 and its 200 day simple moving average is $34.63. The stock has a market cap of $5.11 billion, a P/E ratio of 11.96, a price-to-earnings-growth ratio of 3.75 and a beta of 1.40. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $40.92.

Synovus Financial (NYSE:SNV) last released 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 business had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The firm’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.33 earnings per share. As a group, research analysts predict that Synovus Financial will post 3.97 EPS for the current year.

Synovus Financial Dividend Announcement

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

Insider Transactions at Synovus Financial

In other news, Director Tim E. Bentsen sold 4,671 shares of the 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 transaction, the director now owns 33,144 shares in the company, valued at approximately $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, Director Tim E. Bentsen sold 4,671 shares of the 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 directly owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total transaction of $78,180.35. Following the completion of the sale, the executive vice president now directly owns 11,086 shares of the company’s stock, valued at $423,817.78. 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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American Trust increased its holdings in Synovus Financial by 2.9% in the 4th quarter. American Trust now owns 9,208 shares of the bank’s stock worth $346,000 after acquiring an additional 258 shares in the last quarter. Lazard Asset Management LLC grew its holdings in Synovus Financial by 64.8% during the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after buying an additional 318 shares in the last quarter. Yousif Capital Management LLC grew its holdings in Synovus Financial by 0.5% during the 4th quarter. Yousif Capital Management LLC now owns 69,749 shares of the bank’s stock valued at $2,626,000 after buying an additional 360 shares in the last quarter. Truist Financial Corp grew its holdings in Synovus Financial by 0.3% during the 4th quarter. Truist Financial Corp now owns 121,099 shares of the bank’s stock valued at $4,559,000 after buying an additional 376 shares in the last quarter. Finally, Mariner LLC grew its holdings in Synovus Financial by 3.4% during the 3rd quarter. Mariner LLC now owns 12,349 shares of the bank’s stock valued at $343,000 after buying an additional 407 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other 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.