Synovus Financial (NYSE:SNV) Price Target Cut to $39.00 by Analysts at Barclays

Synovus Financial (NYSE:SNV) had its price target decreased by Barclays from $42.00 to $39.00 in a report released on Friday, Benzinga reports. Barclays currently has an equal weight rating on the bank’s stock.

Other equities research analysts also recently issued reports about the company. DA Davidson reiterated a buy rating on shares of Synovus Financial in a report on Monday, January 15th. The Goldman Sachs Group lowered 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. Keefe, Bruyette & Woods reiterated a market perform rating and issued a $38.00 target price (down from $46.00) on shares of Synovus Financial in a report on Friday. Evercore ISI boosted their price objective on Synovus Financial from $40.00 to $42.00 and gave the company an in-line rating in a report on Thursday, March 28th. Finally, Royal Bank of Canada boosted their price objective on Synovus Financial from $42.00 to $44.00 and gave the company an outperform rating in a report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $41.18.

Synovus Financial Price Performance

Shares of SNV opened at $35.68 on Friday. The company has a market capitalization of $5.22 billion, a price-to-earnings ratio of 12.22, a price-to-earnings-growth ratio of 3.83 and a beta of 1.40. The business has a 50-day moving average of $37.88 and a 200-day moving average of $34.69. 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 has a 1 year low of $24.40 and a 1 year high of $40.92.

Synovus Financial (NYSE:SNV) last issued 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 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 company’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.33 earnings per share. As a group, equities research analysts anticipate that Synovus Financial will post 3.97 earnings per share 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 given 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 4.26%. Synovus Financial’s payout ratio is 52.05%.

Insider Activity at Synovus Financial

In related news, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction that occurred on Wednesday, January 24th. The stock was 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 of the company’s stock, valued at $1,280,021.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. State of Michigan Retirement System boosted its position in Synovus Financial by 2.3% in the first quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock worth $1,438,000 after purchasing an additional 800 shares during the last quarter. Asio Capital LLC boosted its position in Synovus Financial by 1.1% in the first quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock worth $5,141,000 after purchasing an additional 1,428 shares during the last quarter. Cooper Financial Group purchased a new position in Synovus Financial in the first quarter worth $203,000. Mather Group LLC. purchased a new position in Synovus Financial in the first quarter worth $144,000. Finally, GAMMA Investing LLC boosted its position in Synovus Financial by 22.4% in the first quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock worth $120,000 after purchasing an additional 548 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

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.