The Goldman Sachs Group Cuts Synovus Financial (NYSE:SNV) Price Target to $41.00

Synovus Financial (NYSE:SNV) had its price objective lowered by The Goldman Sachs Group from $46.00 to $41.00 in a research note released on Friday, Benzinga reports. The brokerage currently has a neutral rating on the bank’s stock.

Several other equities research analysts have also issued reports on SNV. Raymond James lowered Synovus Financial from a strong-buy rating to a market perform rating in a research report on Thursday, April 18th. Truist Financial raised their target price on Synovus Financial from $42.00 to $45.00 and gave the company a buy rating in a research report on Monday, April 1st. Morgan Stanley lifted their price objective on Synovus Financial from $29.00 to $37.00 and gave the stock an equal weight rating in a report on Wednesday, February 7th. UBS Group lifted their price objective on Synovus Financial from $42.00 to $44.00 and gave the stock a buy rating in a report on Tuesday, January 23rd. Finally, JPMorgan Chase & Co. decreased their price objective on Synovus Financial from $50.00 to $48.00 and set an overweight rating for the company in a report on Friday. One 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’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $41.18.

Synovus Financial Trading Up 2.2 %

Shares of Synovus Financial stock opened at $35.68 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 cap of $5.22 billion, a PE ratio of 12.22, a P/E/G ratio of 3.83 and a beta of 1.40. The stock has a fifty day moving average price of $37.88 and a 200-day moving average price 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 (NYSE:SNV) last announced its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business had revenue of $537.73 million for the quarter, compared to analysts’ expectations of $547.62 million. During the same period in the prior year, the business earned $1.33 earnings per share. The company’s revenue for the quarter was down 12.4% compared to the same quarter last year. Equities research analysts anticipate that Synovus Financial will post 3.97 EPS for the current year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were paid a $0.38 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 annualized dividend and a yield of 4.26%. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insiders Place Their Bets

In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the firm’s 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 filing with the SEC, which can be accessed through the SEC website. 0.81% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Allworth Financial LP boosted its position in shares of Synovus Financial by 333.5% during the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after acquiring an additional 557 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Synovus Financial during the 4th quarter valued at about $28,000. MeadowBrook Investment Advisors LLC bought a new stake in shares of Synovus Financial during the 4th quarter valued at about $30,000. First Command Advisory Services Inc. bought a new stake in shares of Synovus Financial during the 3rd quarter valued at about $33,000. Finally, American National Bank bought a new stake in shares of Synovus Financial during the 4th quarter valued at 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.