Synovus Financial (NYSE:SNV) Receives “Market Perform” Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reiterated their market perform rating on shares of Synovus Financial (NYSE:SNV) in a research report sent to investors on Friday morning, MarketBeat Ratings reports. Keefe, Bruyette & Woods currently has a $38.00 target price on the bank’s stock, down from their previous target price of $46.00.

A number of other research analysts have also weighed in on the company. StockNews.com lowered Synovus Financial from a hold rating to a sell rating in a report on Thursday, February 15th. JPMorgan Chase & Co. raised their target price on Synovus Financial from $46.00 to $50.00 and gave the stock an overweight rating in a research note on Thursday, April 4th. Bank of America cut their target price on Synovus Financial from $44.00 to $40.00 and set a buy rating for the company in a research note on Friday. DA Davidson reaffirmed a buy rating on shares of Synovus Financial in a research note on Monday, January 15th. Finally, Raymond James downgraded Synovus Financial from a strong-buy rating to a market perform rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $41.53.

Synovus Financial Trading Up 3.0 %

Shares of NYSE:SNV opened at $34.91 on Friday. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $40.92. The firm has a market capitalization 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. 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 business’s 50 day moving average price is $37.91 and its 200-day moving average price is $34.63.

Synovus Financial (NYSE:SNV) last announced its earnings results 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 business had revenue of $537.73 million for the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The company’s quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter last year, the business earned $1.33 EPS. On average, equities research analysts forecast that Synovus Financial will post 3.97 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business 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 of this dividend was Wednesday, March 20th. Synovus Financial’s payout ratio is presently 52.05%.

Insider Activity

In other news, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of 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 accessible through this link. In related news, Director Tim E. Bentsen sold 4,671 shares of the business’s 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 completion of the sale, the director now owns 33,144 shares in the company, valued at $1,280,021.28. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the business’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 owns 11,086 shares of the company’s stock, valued at approximately $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 institutional investors have recently added to or reduced their stakes in SNV. American Trust increased its position in Synovus Financial by 2.9% during the fourth quarter. American Trust now owns 9,208 shares of the bank’s stock worth $346,000 after buying an additional 258 shares during the period. Lazard Asset Management LLC increased its position in Synovus Financial by 64.8% during the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock worth $30,000 after buying an additional 318 shares during the period. Yousif Capital Management LLC increased its position in Synovus Financial by 0.5% during the fourth quarter. Yousif Capital Management LLC now owns 69,749 shares of the bank’s stock worth $2,626,000 after buying an additional 360 shares during the period. Truist Financial Corp increased its position in Synovus Financial by 0.3% during the fourth quarter. Truist Financial Corp now owns 121,099 shares of the bank’s stock worth $4,559,000 after buying an additional 376 shares during the period. Finally, Mariner LLC increased its position in Synovus Financial by 3.4% during the third quarter. Mariner LLC now owns 12,349 shares of the bank’s stock worth $343,000 after buying an additional 407 shares during the period. 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.