Synovus Financial (NYSE:SNV) Given New $39.00 Price Target at Barclays

Synovus Financial (NYSE:SNV) had its price objective reduced by Barclays from $42.00 to $39.00 in a research report released on Friday morning, Benzinga reports. Barclays currently has an equal weight rating on the bank’s stock.

Other equities analysts have also issued research reports about the company. Truist Financial lifted their price target on Synovus Financial from $42.00 to $45.00 and gave the company a buy rating in a research note on Monday, April 1st. UBS Group lifted their price target on Synovus Financial from $42.00 to $44.00 and gave the company a buy rating in a research note on Tuesday, January 23rd. Raymond James lowered Synovus Financial from a strong-buy rating to a market perform rating in a research note on Thursday. Wells Fargo & Company cut their price target on Synovus Financial from $42.00 to $40.00 and set an overweight rating for the company in a research note on Friday. Finally, Bank of America cut their price objective on Synovus Financial from $44.00 to $40.00 and set a buy rating for the company in a research note on Friday. One investment 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, the company presently has an average rating of Moderate Buy and an average target price of $41.53.

Synovus Financial Stock Performance

NYSE SNV opened at $34.91 on Friday. The stock has a 50-day simple moving average of $37.91 and a two-hundred day simple moving average of $34.52. The firm has a market capitalization 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 company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data 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 company had revenue of $537.73 million for the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business’s quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.33 EPS. On average, equities analysts forecast that Synovus Financial will post 4.05 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 4.35%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s dividend payout ratio is presently 52.05%.

Insider Activity at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the transaction, the executive vice president now directly owns 11,086 shares in the company, valued at $423,817.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the sale, the director now owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the sale, the executive vice president now directly owns 11,086 shares in the company, valued at approximately $423,817.78. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by insiders.

Institutional Trading of Synovus Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SNV. Allworth Financial LP raised its position in 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 purchasing an additional 557 shares during the period. International Assets Investment Management LLC purchased a new stake in Synovus Financial in the fourth quarter valued at approximately $28,000. MeadowBrook Investment Advisors LLC purchased a new stake in Synovus Financial in the fourth quarter valued at approximately $30,000. Lazard Asset Management LLC raised its position in Synovus Financial by 64.8% in the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after purchasing an additional 318 shares during the period. Finally, First Command Advisory Services Inc. purchased a new stake in Synovus Financial in the third quarter valued at approximately $33,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

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.