Keefe, Bruyette & Woods Reaffirms Market Perform Rating for Synovus Financial (NYSE:SNV)

Keefe, Bruyette & Woods reiterated their market perform rating on shares of Synovus Financial (NYSE:SNV) in a research report released on Friday, MarketBeat.com reports. The brokerage currently has a $38.00 price objective on the bank’s stock, down from their previous price objective of $46.00.

SNV has been the topic of a number of other research reports. DA Davidson reissued a buy rating on shares of Synovus Financial in a research note on Monday, January 15th. Bank of America lowered their target price 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. UBS Group upped their target price on shares of Synovus Financial from $42.00 to $44.00 and gave the company a buy rating in a research note on Tuesday, January 23rd. StockNews.com cut shares of Synovus Financial from a hold rating to a sell rating in a research note on Thursday, February 15th. Finally, Royal Bank of Canada upped their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the stock an outperform rating in a research note on Tuesday, April 9th. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Synovus Financial has an average rating of Moderate Buy and a consensus price target of $41.18.

Synovus Financial Stock Performance

NYSE SNV opened at $35.68 on Friday. The stock has a market cap of $5.22 billion, a P/E ratio of 12.22, a PEG ratio of 3.83 and a beta of 1.40. The company’s 50-day simple moving average is $37.88 and its 200 day simple moving average is $34.69. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $40.92. 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 (NYSE:SNV) last posted its earnings results 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 business had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business’s revenue was down 12.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.33 EPS. As a group, research analysts forecast that Synovus Financial will post 3.97 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were paid a dividend of $0.38 per share. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 annualized dividend and a dividend yield of 4.26%. Synovus Financial’s dividend payout ratio (DPR) is currently 52.05%.

Insider Activity at Synovus Financial

In related news, Director Tim E. Bentsen sold 4,671 shares of the 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 in the company, valued at $1,280,021.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Synovus Financial

Several hedge funds have recently bought and sold shares of the company. State of Michigan Retirement System raised its holdings in Synovus Financial by 2.3% in the first quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock worth $1,438,000 after purchasing an additional 800 shares during the period. Asio Capital LLC raised its holdings in Synovus Financial by 1.1% in the first quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock worth $5,141,000 after purchasing an additional 1,428 shares during the period. Cooper Financial Group acquired a new stake in Synovus Financial in the first quarter worth $203,000. Mather Group LLC. acquired a new stake in Synovus Financial in the first quarter worth $144,000. Finally, GAMMA Investing LLC raised its holdings in Synovus Financial by 22.4% in the first quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock worth $120,000 after purchasing an additional 548 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.