Synovus Financial (NYSE:SNV) Price Target Lowered to $60.50 at JPMorgan Chase & Co.

Synovus Financial (NYSE:SNV) had its price target reduced by JPMorgan Chase & Co. from $63.00 to $60.50 in a research report sent to investors on Tuesday,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Other equities analysts have also issued research reports about the stock. The Goldman Sachs Group boosted their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a research report on Tuesday, September 17th. Morgan Stanley boosted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. UBS Group assumed coverage on shares of Synovus Financial in a research report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price target for the company. Finally, DA Davidson upped their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.86.

Synovus Financial Stock Performance

Shares of SNV opened at $52.43 on Tuesday. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The stock has a market cap of $7.43 billion, a P/E ratio of 23.72, a PEG ratio of 1.58 and a beta of 1.39. The company has a 50-day moving average of $54.10 and a two-hundred day moving average of $47.62. Synovus Financial has a 12-month low of $33.44 and a 12-month high of $59.92.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. The company had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.84 earnings per share. As a group, research analysts predict that Synovus Financial will post 4.37 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were paid a $0.38 dividend. The ex-dividend date was Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.90%. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SNV. FMR LLC raised its holdings in Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after acquiring an additional 598,644 shares in the last quarter. Wellington Management Group LLP grew its position in Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after buying an additional 1,095,557 shares in the last quarter. State Street Corp grew its position in Synovus Financial by 3.2% in the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after buying an additional 201,362 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Synovus Financial by 9.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after buying an additional 491,036 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Synovus Financial by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock valued at $222,022,000 after buying an additional 147,599 shares in the last quarter. 83.85% of the stock is currently 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.