Synovus Financial (NYSE:SNV) Price Target Increased to $47.00 by Analysts at Jefferies Financial Group

Synovus Financial (NYSE:SNV) had its target price boosted by Jefferies Financial Group from $44.00 to $47.00 in a report published on Wednesday, Benzinga reports. They currently have a buy rating on the bank’s stock.

A number of other brokerages have also issued reports on SNV. Raymond James lowered shares of Synovus Financial from a strong-buy rating to a market perform rating in a report on Thursday, April 18th. Stephens reaffirmed an equal weight rating and set a $38.00 price target on shares of Synovus Financial in a research report on Tuesday, May 7th. The Goldman Sachs Group decreased their price objective on Synovus Financial from $46.00 to $41.00 and set a neutral rating on the stock in a report on Friday, April 19th. Wells Fargo & Company cut their target price on Synovus Financial from $42.00 to $40.00 and set an overweight rating for the company in a research note on Friday, April 19th. Finally, Keefe, Bruyette & Woods reaffirmed a market perform rating and issued a $38.00 price target (down previously from $46.00) on shares of Synovus Financial in a research note on Friday, April 19th. One analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $42.25.

Synovus Financial Trading Down 1.5 %

SNV opened at $40.34 on Wednesday. The firm has a market capitalization of $5.91 billion, a price-to-earnings ratio of 13.82, a price-to-earnings-growth ratio of 5.43 and a beta of 1.40. The company’s 50 day simple moving average is $38.34 and its two-hundred day simple moving average is $37.83. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $41.15. 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 quarterly earnings data on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates 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 return on equity of 12.93% and a net margin of 13.29%. The business’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.33 EPS. Analysts expect that Synovus Financial will post 3.82 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Thursday, June 20th were given a $0.38 dividend. The ex-dividend date was Thursday, June 20th. This represents a $1.52 annualized dividend and a yield of 3.77%. Synovus Financial’s dividend payout ratio is presently 52.05%.

Insider Transactions at Synovus Financial

In related news, major shareholder Eli Samaha sold 172,889 shares of Synovus Financial stock in a transaction on Monday, June 10th. The stock was sold at an average price of $25.20, for a total value 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 $32,590,126.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP D Wayne Akins, Jr. purchased 24,500 shares of the stock in a transaction on Friday, June 7th. The stock was bought at an average price of $37.40 per share, for a total transaction of $916,300.00. Following the acquisition, the executive vice president now directly owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Eli Samaha sold 172,889 shares of the firm’s stock in a transaction on 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 sale, the insider now owns 1,293,259 shares in the company, valued at $32,590,126.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 179,712 shares of company stock valued at $4,528,878. 0.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Synovus Financial

Institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP lifted 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 worth $295,127,000 after buying an additional 2,843,488 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Synovus Financial by 24.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock worth $194,951,000 after purchasing an additional 1,016,231 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Synovus Financial by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,730,148 shares of the bank’s stock valued at $140,440,000 after purchasing an additional 21,041 shares in the last quarter. Channing Capital Management LLC purchased a new position in Synovus Financial in the fourth quarter valued at approximately $72,201,000. Finally, Norges Bank acquired a new stake in Synovus Financial during the fourth quarter worth approximately $59,941,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

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.