Synovus Financial (NYSE:SNV) Price Target Cut to $40.00 by Analysts at Wells Fargo & Company

Synovus Financial (NYSE:SNV) had its price target lowered by Wells Fargo & Company from $42.00 to $40.00 in a research note issued to investors on Friday morning, Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

A number of other research firms also recently weighed in on SNV. Evercore ISI raised their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the company an in-line rating in a report on Thursday, March 28th. Bank of America cut their price target on shares of Synovus Financial from $44.00 to $40.00 and set a buy rating on the stock in a report on Friday. Barclays initiated coverage on shares of Synovus Financial in a report on Friday, March 8th. They set an equal weight rating and a $42.00 price target on the stock. Royal Bank of Canada raised their price target on shares of Synovus Financial from $42.00 to $44.00 and gave the company an outperform rating in a report on Tuesday, April 9th. Finally, Truist Financial raised their price target on shares of Synovus Financial from $42.00 to $45.00 and gave the company a buy rating in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $41.18.

Synovus Financial Stock Up 2.2 %

SNV stock opened at $35.68 on Friday. Synovus Financial has a 12-month low of $24.40 and a 12-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. The company has a market cap of $5.22 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 3.83 and a beta of 1.40. The company has a 50 day moving average of $37.88 and a two-hundred day moving average of $34.69.

Synovus Financial (NYSE:SNV) last released its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. During the same quarter in the previous year, the company earned $1.33 EPS. The firm’s quarterly revenue was down 12.4% compared to the same quarter last year. On average, equities analysts anticipate that Synovus Financial will post 3.97 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were paid a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a yield of 4.26%. Synovus Financial’s payout ratio is presently 52.05%.

Insiders Place Their Bets

In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction 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 sale, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

Several hedge funds and other institutional investors have recently bought and sold shares of SNV. National Bank of Canada FI acquired a new stake in Synovus Financial in the 3rd quarter worth $4,637,000. First Hawaiian Bank acquired a new stake in Synovus Financial in the 3rd quarter worth $249,000. AE Wealth Management LLC boosted its position in shares of Synovus Financial by 36.2% during the 3rd quarter. AE Wealth Management LLC now owns 18,728 shares of the bank’s stock valued at $521,000 after acquiring an additional 4,980 shares in the last quarter. Impact Partnership Wealth LLC acquired a new stake in shares of Synovus Financial during the 3rd quarter valued at about $132,000. Finally, Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Synovus Financial during the 3rd quarter valued at about $214,000. 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.