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

Synovus Financial (NYSE:SNV) had its price objective cut by Truist Financial from $45.00 to $39.00 in a research note published on Monday, Benzinga reports. They currently have a buy rating on the bank’s stock.

A number of other analysts have also commented on the stock. Barclays cut their price objective on shares of Synovus Financial from $42.00 to $39.00 and set an equal weight rating on the stock in a research report on Friday. Raymond James cut shares of Synovus Financial from a strong-buy rating to a market perform rating in a research report on Thursday, April 18th. The Goldman Sachs Group reduced their price objective on shares of Synovus Financial from $46.00 to $41.00 and set a neutral rating for the company in a research note on Friday. Morgan Stanley lifted their target price on Synovus Financial from $29.00 to $37.00 and gave the company an equal weight rating in a research report on Wednesday, February 7th. Finally, Royal Bank of Canada reduced their price target on Synovus Financial from $44.00 to $41.00 and set an outperform rating for the company in a research report on Friday. 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 stock. According to data from MarketBeat.com, Synovus Financial currently has an average rating of Moderate Buy and an average price target of $41.18.

Synovus Financial Stock Performance

SNV opened at $35.68 on Monday. The company has a market capitalization of $5.22 billion, a price-to-earnings ratio of 12.22, a P/E/G ratio of 3.83 and a beta of 1.40. The business’s 50-day moving average price is $37.88 and its two-hundred day moving average price is $34.69. Synovus Financial has a 1 year low of $24.40 and a 1 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 quarterly earnings data on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The firm 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 firm’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.33 earnings per share. Equities analysts expect that Synovus Financial will post 3.97 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders 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 dividend on an annualized basis and a yield of 4.26%. Synovus Financial’s dividend payout ratio (DPR) is 52.05%.

Insider Buying and Selling at Synovus Financial

In other news, Director Tim E. Bentsen sold 4,671 shares of the firm’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 completion of the sale, the director now owns 33,144 shares in the company, valued at approximately $1,280,021.28. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Large investors have recently made changes to their positions in the company. Allworth Financial LP boosted its stake in Synovus Financial by 333.5% in the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after purchasing an additional 557 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Synovus Financial in the fourth quarter valued at about $28,000. MeadowBrook Investment Advisors LLC acquired a new position in shares of Synovus Financial in the fourth quarter valued at about $30,000. First Command Advisory Services Inc. acquired a new position in shares of Synovus Financial in the third quarter valued at about $33,000. Finally, American National Bank acquired a new stake in Synovus Financial in the 4th quarter worth about $38,000. 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.