Bank of America Trims Synovus Financial (NYSE:SNV) Target Price to $40.00

Synovus Financial (NYSE:SNV) had its target price trimmed by Bank of America from $44.00 to $40.00 in a research note published on Friday, Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

Other analysts also recently issued reports about the company. StockNews.com downgraded Synovus Financial from a hold rating to a sell rating in a research note on Thursday, February 15th. UBS Group increased their target price on Synovus Financial from $42.00 to $44.00 and gave the stock a buy rating in a research note on Tuesday, January 23rd. Evercore ISI increased their target price on Synovus Financial from $40.00 to $42.00 and gave the stock an in-line rating in a research note on Thursday, March 28th. Keefe, Bruyette & Woods increased their target price on Synovus Financial from $45.00 to $46.00 and gave the stock an outperform rating in a research note on Friday, January 19th. Finally, Truist Financial increased their target price on Synovus Financial from $42.00 to $45.00 and gave the stock a buy rating in a research note on Monday, April 1st. 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 stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $41.18.

Synovus Financial Stock Up 2.2 %

SNV opened at $35.68 on Friday. The business has a 50 day moving average price of $37.88 and a two-hundred day moving average price of $34.69. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. The company 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. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $40.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20). The company 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 firm’s revenue was down 12.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.33 earnings per share. As a group, research analysts anticipate that Synovus Financial will post 3.97 EPS for the current year.

Synovus Financial Announces Dividend

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

Insider Buying and Selling

In related news, Director Tim E. Bentsen sold 4,671 shares of the company’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 value of $180,394.02. Following 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 legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

A number of large investors have recently bought and sold shares of SNV. Wellington Management Group LLP grew its holdings in Synovus Financial by 56.9% during the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after buying an additional 2,843,488 shares during the last quarter. Channing Capital Management LLC acquired a new stake in Synovus Financial during the 4th quarter valued at $72,201,000. Norges Bank acquired a new stake in Synovus Financial during the 4th quarter valued at $59,941,000. North Reef Capital Management LP grew its holdings in Synovus Financial by 52.7% during the 3rd quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock valued at $124,683,000 after buying an additional 1,548,370 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Synovus Financial by 24.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock valued at $194,951,000 after buying an additional 1,016,231 shares during the last quarter. 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.