Synovus Financial’s (SNV) Market Perform Rating Reiterated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reissued their market perform rating on shares of Synovus Financial (NYSE:SNV) in a research note issued to investors on Friday morning, Marketbeat.com reports. Keefe, Bruyette & Woods currently has a $38.00 target price on the bank’s stock, down from their prior target price of $46.00.

SNV has been the topic of several other reports. Jefferies Financial Group decreased their price target on shares of Synovus Financial from $46.00 to $43.00 and set a buy rating on the stock in a report on Monday, April 8th. DA Davidson reaffirmed a buy rating on shares of Synovus Financial in a report on Monday, January 15th. JPMorgan Chase & Co. lifted their price target on shares of Synovus Financial from $46.00 to $50.00 and gave the company an overweight rating in a report on Thursday, April 4th. Barclays started coverage on shares of Synovus Financial in a report on Friday, March 8th. They set an equal weight rating and a $42.00 price target on the stock. Finally, Royal Bank of Canada lifted their price target on shares of Synovus Financial from $42.00 to $44.00 and gave the company an outperform rating in a report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Synovus Financial presently has an average rating of Moderate Buy and a consensus target price of $41.53.

Synovus Financial Price Performance

SNV stock opened at $34.91 on Friday. 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 12 month low of $24.40 and a 12 month high of $40.92. The firm has a market cap of $5.11 billion, a P/E ratio of 11.96, a P/E/G ratio of 3.64 and a beta of 1.40. The company’s 50-day moving average price is $37.91 and its two-hundred day moving average price is $34.52.

Synovus Financial (NYSE:SNV) last released its earnings results on Thursday, April 18th. The bank reported $0.79 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 firm had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same period in the prior year, the business earned $1.33 earnings per share. Synovus Financial’s quarterly revenue was down 12.4% compared to the same quarter last year. On average, analysts anticipate that Synovus Financial will post 4.05 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

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

Insider Transactions at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following the transaction, the executive vice president now owns 11,086 shares in the company, valued at approximately $423,817.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following the transaction, the executive vice president now owns 11,086 shares in the company, valued at approximately $423,817.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Tim E. Bentsen sold 4,671 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were 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 in the company, valued at approximately $1,280,021.28. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Allworth Financial LP lifted 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 period. International Assets Investment Management LLC acquired a new position in shares of Synovus Financial during the 4th quarter valued at $28,000. MeadowBrook Investment Advisors LLC acquired a new position in shares of Synovus Financial during the 4th quarter valued at $30,000. Lazard Asset Management LLC lifted its position in shares of 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 acquiring an additional 318 shares during the period. Finally, First Command Advisory Services Inc. acquired a new position in shares of Synovus Financial during the 3rd quarter valued at $33,000. Institutional investors and hedge funds 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.