Barclays Boosts Synovus Financial (NYSE:SNV) Price Target to $47.00

Synovus Financial (NYSE:SNV) had its target price hoisted by Barclays from $46.00 to $47.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have an overweight rating on the bank’s stock.

Several other equities analysts also recently commented on SNV. Morgan Stanley reissued an equal weight rating and issued a $37.00 target price on shares of Synovus Financial in a report on Monday, April 22nd. Royal Bank of Canada upped their price target on shares of Synovus Financial from $45.00 to $49.00 and gave the company an outperform rating in a research note on Friday. Piper Sandler upped their price target on shares of Synovus Financial from $42.00 to $53.00 and gave the company an overweight rating in a research note on Friday. Bank of America decreased their price target on shares of Synovus Financial from $44.00 to $40.00 and set a buy rating on the stock in a research note on Friday, April 19th. Finally, Stephens upped their price target on shares of Synovus Financial from $43.00 to $46.00 and gave the company an equal weight rating in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Synovus Financial has an average rating of Moderate Buy and a consensus price target of $45.81.

Synovus Financial Price Performance

SNV stock opened at $45.90 on Friday. Synovus Financial has a one year low of $24.40 and a one year high of $47.76. The company’s fifty day moving average price is $39.60 and its 200-day moving average price is $38.30. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The company has a market capitalization of $6.72 billion, a PE ratio of 15.72, a price-to-earnings-growth ratio of 3.69 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, topping the consensus estimate of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The firm had revenue of $563.60 million for the quarter, compared to the consensus estimate of $543.52 million. During the same quarter in the previous year, the firm earned $1.16 earnings per share. The company’s quarterly revenue was down .7% compared to the same quarter last year. On average, equities analysts anticipate that Synovus Financial will post 3.92 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Thursday, June 20th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.31%. The ex-dividend date was Thursday, June 20th. Synovus Financial’s payout ratio is 52.05%.

Insiders Place Their Bets

In other Synovus Financial news, major shareholder Eli Samaha sold 172,889 shares of the 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 transaction, the insider now directly owns 1,293,259 shares in the company, valued at approximately $32,590,126.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP D Wayne Akins, Jr. purchased 24,500 shares of the stock in a transaction dated Friday, June 7th. The shares were acquired at an average cost of $37.40 per share, for a total transaction of $916,300.00. Following the acquisition, the executive vice president now owns 41,884 shares of the company’s stock, valued at $1,566,461.60. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 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. Insiders have sold a total of 179,712 shares of company stock worth $4,528,878 in the last three months. Corporate insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

Institutional investors have recently modified their holdings of the company. Allworth Financial LP boosted its holdings in shares of Synovus Financial by 333.5% in the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after buying an additional 557 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Synovus Financial in the 4th quarter valued at about $28,000. MeadowBrook Investment Advisors LLC bought a new stake in shares of Synovus Financial in the 4th quarter valued at about $30,000. American National Bank bought a new stake in shares of Synovus Financial in the 4th quarter valued at about $38,000. Finally, Tennessee Valley Asset Management Partners bought a new stake in shares of Synovus Financial in the 4th quarter valued at about $42,000. 83.85% of the stock is currently owned by 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.