Synovus Financial (NYSE:SNV) Price Target Cut to $41.00 by Analysts at The Goldman Sachs Group

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

A number of other equities analysts have also weighed in on the stock. Raymond James lowered shares of Synovus Financial from a strong-buy rating to a market perform rating in a research report on Thursday. Barclays assumed coverage on shares of Synovus Financial in a research report on Friday, March 8th. They set an equal weight rating and a $42.00 target price for the company. UBS Group raised their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the company a buy rating in a research report on Tuesday, January 23rd. Keefe, Bruyette & Woods restated a market perform rating and issued a $38.00 price objective (down from $46.00) on shares of Synovus Financial in a research report on Friday. Finally, DA Davidson restated a buy rating on shares of Synovus Financial in a research report on Monday, January 15th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Synovus Financial currently has an average rating of Moderate Buy and an average target price of $41.53.

Synovus Financial Price Performance

SNV opened at $34.91 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $5.11 billion, a P/E ratio of 11.96, a PEG ratio of 3.64 and a beta of 1.40. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $40.92. The firm has a 50-day moving average of $37.91 and a 200 day moving average of $34.52.

Synovus Financial (NYSE:SNV) last issued its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The business had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. Synovus Financial’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.33 EPS. On average, research analysts expect that Synovus Financial will post 4.05 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 4.35%. The ex-dividend date of this dividend was Wednesday, March 20th. 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 Synovus Financial stock in a transaction that occurred 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 directly owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Synovus Financial news, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the transaction, the executive vice president now directly owns 11,086 shares of the company’s stock, valued at $423,817.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the transaction, the director now directly owns 33,144 shares in the company, valued at $1,280,021.28. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Allworth Financial LP increased its stake in shares of Synovus Financial by 333.5% in the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after buying an additional 557 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Synovus Financial in the fourth quarter worth $28,000. MeadowBrook Investment Advisors LLC purchased a new position in shares of Synovus Financial in the fourth quarter worth $30,000. Lazard Asset Management LLC increased its stake in shares of Synovus Financial by 64.8% in the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock worth $30,000 after buying an additional 318 shares during the period. Finally, First Command Advisory Services Inc. purchased a new position in shares of Synovus Financial in the third quarter worth $33,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

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.