Synovus Financial (NYSE:SNV) Given New $48.00 Price Target at JPMorgan Chase & Co.

Synovus Financial (NYSE:SNV) had its price objective cut by JPMorgan Chase & Co. from $50.00 to $48.00 in a report issued on Friday, Benzinga reports. They currently have an overweight rating on the bank’s stock.

A number of other brokerages have also recently issued reports on SNV. UBS Group upped their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the stock a buy rating in a report on Tuesday, January 23rd. Raymond James cut shares of Synovus Financial from a strong-buy rating to a market perform rating in a report on Thursday. Bank of America decreased their price objective on shares of Synovus Financial from $44.00 to $40.00 and set a buy rating for the company in a report on Friday. Barclays started coverage on shares of Synovus Financial in a report on Friday, March 8th. They issued an equal weight rating and a $42.00 price objective for the company. Finally, StockNews.com cut shares of Synovus Financial from a hold rating to a sell rating in a report on Thursday, February 15th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial currently has a consensus rating of Moderate Buy and an average price target of $41.53.

Synovus Financial Trading Up 3.0 %

Synovus Financial stock opened at $34.91 on Friday. The company’s fifty day simple moving average is $37.91 and its 200-day simple moving average is $34.52. 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 12 month low of $24.40 and a 12 month high of $40.92. The stock has a market cap of $5.11 billion, a P/E ratio of 11.96, a P/E/G ratio of 3.64 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 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 company had revenue of $537.73 million for the quarter, compared to analysts’ expectations of $547.62 million. During the same quarter in the prior year, the firm earned $1.33 earnings per share. The company’s revenue was down 12.4% on a year-over-year basis. As a group, sell-side analysts forecast that Synovus Financial will post 4.05 EPS for the current fiscal year.

Synovus Financial Announces Dividend

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

Insider Activity

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

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of SNV. Allworth Financial LP raised its holdings in Synovus Financial by 333.5% in the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after purchasing an additional 557 shares during the period. International Assets Investment Management LLC acquired a new stake in Synovus Financial in the fourth quarter worth $28,000. MeadowBrook Investment Advisors LLC acquired a new stake in Synovus Financial in the fourth quarter worth $30,000. Lazard Asset Management LLC raised its holdings in Synovus Financial by 64.8% in the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock worth $30,000 after purchasing an additional 318 shares during the period. Finally, First Command Advisory Services Inc. acquired a new stake in Synovus Financial in the third quarter worth $33,000. 83.85% of the stock is owned by 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.