Keefe, Bruyette & Woods Boosts Synovus Financial (NYSE:SNV) Price Target to $42.00

Synovus Financial (NYSE:SNV) had its price objective raised by Keefe, Bruyette & Woods from $38.00 to $42.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have a market perform rating on the bank’s stock.

Several other analysts have also recently commented on the stock. Royal Bank of Canada reduced their price objective on shares of Synovus Financial from $44.00 to $41.00 and set an outperform rating for the company in a research note on Friday, April 19th. Wells Fargo & Company raised their price objective on shares of Synovus Financial from $40.00 to $42.00 and gave the company an overweight rating in a research note on Tuesday. Jefferies Financial Group raised their price objective on shares of Synovus Financial from $44.00 to $47.00 and gave the company a buy rating in a research note on Wednesday, July 3rd. Bank of America reduced their price objective on shares of Synovus Financial from $44.00 to $40.00 and set a buy rating for the company in a research note on Friday, April 19th. Finally, Piper Sandler cut their target price on shares of Synovus Financial from $46.00 to $42.00 and set an overweight rating for the company in a research report on Friday, April 19th. One analyst has rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial has a consensus rating of Moderate Buy and a consensus price target of $42.63.

Synovus Financial Stock Up 4.2 %

Shares of NYSE:SNV opened at $42.40 on Tuesday. The company has a market cap of $6.21 billion, a price-to-earnings ratio of 14.52, a PEG ratio of 5.26 and a beta of 1.40. The firm’s 50-day simple moving average is $38.79 and its 200-day simple moving average is $37.93. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $42.64.

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 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 firm had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. During the same period in the previous year, the firm earned $1.33 EPS. The firm’s revenue was down 12.4% on a year-over-year basis. As a group, equities research analysts predict that Synovus Financial will post 3.86 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Thursday, June 20th were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, June 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.58%. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Insider Activity at Synovus Financial

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

Institutional Investors Weigh In On Synovus Financial

Several institutional investors have recently bought and sold shares of SNV. Allworth Financial LP grew its stake in Synovus Financial by 333.5% during 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 stake in Synovus Financial during the fourth quarter worth approximately $28,000. MeadowBrook Investment Advisors LLC purchased a new stake in Synovus Financial during the fourth quarter worth approximately $30,000. American National Bank purchased a new stake in Synovus Financial during the fourth quarter worth approximately $38,000. Finally, Tennessee Valley Asset Management Partners purchased a new stake in Synovus Financial during the fourth quarter worth approximately $42,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

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.