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

Synovus Financial (NYSE:SNV) had its target price cut by Bank of America from $44.00 to $40.00 in a report published on Friday morning, Benzinga reports. They currently have a buy rating on the bank’s stock.

Several other research analysts have also issued reports on the company. DA Davidson reaffirmed a buy rating on shares of Synovus Financial in a research report on Monday, January 15th. Royal Bank of Canada increased their price objective on Synovus Financial from $42.00 to $44.00 and gave the company an outperform rating in a report on Tuesday, April 9th. Jefferies Financial Group cut their price objective on Synovus Financial from $46.00 to $43.00 and set a buy rating on the stock in a report on Monday, April 8th. Evercore ISI increased their price objective on Synovus Financial from $40.00 to $42.00 and gave the company an in-line rating in a report on Thursday, March 28th. Finally, JPMorgan Chase & Co. increased their price objective on Synovus Financial from $46.00 to $50.00 and gave the company an overweight rating in a report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $41.18.

Synovus Financial Trading Up 2.2 %

Shares of NYSE:SNV opened at $35.68 on Friday. The business’s 50-day moving average is $37.88 and its 200 day moving average is $34.69. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $40.92. The firm has a market capitalization of $5.22 billion, a P/E ratio of 12.22, a P/E/G ratio of 3.83 and a beta of 1.40. 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 earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (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 business had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. During the same period in the prior year, the company earned $1.33 earnings per share. The company’s quarterly revenue was down 12.4% on a year-over-year basis. On average, research analysts predict that Synovus Financial will post 3.97 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

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

Insiders Place Their Bets

In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the 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 owns 33,144 shares in the company, valued at $1,280,021.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds have recently bought and sold shares of SNV. Allworth Financial LP lifted its position in shares of Synovus Financial by 333.5% in the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after acquiring an additional 557 shares in the last quarter. International Assets Investment Management LLC purchased a new position in shares of Synovus Financial in the fourth quarter valued at approximately $28,000. MeadowBrook Investment Advisors LLC purchased a new position in shares of Synovus Financial in the fourth quarter valued at approximately $30,000. American National Bank purchased a new position in shares of Synovus Financial in the fourth quarter valued at approximately $38,000. Finally, Tennessee Valley Asset Management Partners purchased a new position in shares of Synovus Financial in the fourth quarter valued at approximately $42,000. Hedge funds and other institutional investors 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.