Synovus Financial (NYSE:SNV) Stock Price Up 4.5% After Analyst Upgrade

Synovus Financial Corp. (NYSE:SNV)’s stock price rose 4.5% during mid-day trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $48.00 to $49.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Synovus Financial traded as high as $39.66 and last traded at $39.64. Approximately 314,113 shares were traded during trading, a decline of 77% from the average daily volume of 1,364,569 shares. The stock had previously closed at $37.95.

Other analysts also recently issued reports about the company. Morgan Stanley restated an “equal weight” rating and issued a $37.00 price objective on shares of Synovus Financial in a report on Monday, April 22nd. Truist Financial decreased their price objective on Synovus Financial from $45.00 to $39.00 and set a “buy” rating for the company in a report on Monday, April 22nd. Raymond James downgraded Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday, April 18th. Stephens restated an “equal weight” rating and issued a $38.00 price objective on shares of Synovus Financial in a report on Tuesday, May 7th. Finally, The Goldman Sachs Group decreased their price objective on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a report on Friday, April 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $42.00.

Insider Buying and Selling

In other news, major shareholder Eli Samaha sold 172,889 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the completion of the sale, the insider now owns 1,293,259 shares in the company, valued at $32,590,126.80. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Synovus Financial news, EVP D Wayne Akins, Jr. purchased 24,500 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were acquired at an average price of $37.40 per share, with a total value of $916,300.00. Following the transaction, the executive vice president now owns 41,884 shares in the company, valued at $1,566,461.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Eli Samaha sold 172,889 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the completion of the transaction, the insider now directly owns 1,293,259 shares in the company, valued at approximately $32,590,126.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 179,712 shares of company stock valued at $4,528,878. 0.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Synovus Financial

Several large investors have recently added to or reduced their stakes in SNV. UBS Group AG lifted its position in Synovus Financial by 1,135.3% in the 3rd quarter. UBS Group AG now owns 80,578 shares of the bank’s stock valued at $2,240,000 after acquiring an additional 74,055 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Synovus Financial by 17.7% during the 3rd quarter. Federated Hermes Inc. now owns 24,784 shares of the bank’s stock worth $689,000 after buying an additional 3,735 shares in the last quarter. Qube Research & Technologies Ltd lifted its position in shares of Synovus Financial by 1,020.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 448,010 shares of the bank’s stock worth $12,455,000 after buying an additional 408,014 shares in the last quarter. Caxton Associates LP bought a new position in shares of Synovus Financial during the 3rd quarter worth approximately $374,000. Finally, Waverly Advisors LLC bought a new position in shares of Synovus Financial during the 3rd quarter worth approximately $258,000. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Performance

The company’s 50-day simple moving average is $38.09 and its 200 day simple moving average is $37.80. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. The stock has a market cap of $5.89 billion, a P/E ratio of 13.76, a PEG ratio of 5.13 and a beta of 1.41.

Synovus Financial (NYSE:SNV) last posted 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 return on equity of 12.93% and a net margin of 13.29%. The firm had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same period in the prior year, the business earned $1.33 EPS. Synovus Financial’s quarterly revenue was down 12.4% compared to the same quarter last year. As a group, sell-side analysts expect that Synovus Financial Corp. will post 3.82 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Thursday, June 20th will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $1.52 annualized dividend and a dividend yield of 3.78%. Synovus Financial’s payout ratio is currently 52.05%.

Synovus Financial Company Profile

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.