Synovus Financial (NYSE:SNV) PT Lowered to $39.00

Synovus Financial (NYSE:SNV) had its target price reduced by Truist Financial from $45.00 to $39.00 in a research report released on Monday morning, Benzinga reports. Truist Financial currently has a buy rating on the bank’s stock.

SNV has been the subject of several other reports. Evercore ISI lifted their price objective on Synovus Financial from $40.00 to $42.00 and gave the stock an in-line rating in a research report on Thursday, March 28th. Royal Bank of Canada decreased their target price on Synovus Financial from $44.00 to $41.00 and set an outperform rating for the company in a research report on Friday, April 19th. JPMorgan Chase & Co. decreased their target price on Synovus Financial from $50.00 to $48.00 and set an overweight rating for the company in a research report on Friday, April 19th. Bank of America decreased their target price on Synovus Financial from $44.00 to $40.00 and set a buy rating for the company in a research report on Friday, April 19th. Finally, Wells Fargo & Company decreased their target price on Synovus Financial from $42.00 to $40.00 and set an overweight rating for the company in a research report on Friday, April 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $41.38.

Synovus Financial Stock Performance

SNV stock opened at $36.59 on Monday. The stock has a 50-day moving average price of $37.92 and a 200-day moving average price of $34.79. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $40.92. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. The firm has a market cap of $5.36 billion, a PE ratio of 12.53, a price-to-earnings-growth ratio of 4.21 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The business had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same period last year, the business posted $1.33 earnings per share. The business’s revenue was down 12.4% on a year-over-year basis. As a group, equities research analysts expect that Synovus Financial will post 3.8 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders 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 4.15%. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Yousif Capital Management LLC grew its stake in Synovus Financial by 0.5% in the 4th quarter. Yousif Capital Management LLC now owns 69,749 shares of the bank’s stock valued at $2,626,000 after purchasing an additional 360 shares during the period. Truist Financial Corp grew its stake in Synovus Financial by 0.3% in the 4th quarter. Truist Financial Corp now owns 121,099 shares of the bank’s stock valued at $4,559,000 after purchasing an additional 376 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in Synovus Financial by 3.2% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 13,612 shares of the bank’s stock valued at $378,000 after purchasing an additional 419 shares during the period. PFW Advisors LLC grew its stake in Synovus Financial by 5.4% in the 4th quarter. PFW Advisors LLC now owns 8,433 shares of the bank’s stock valued at $318,000 after purchasing an additional 433 shares during the period. Finally, Fifth Third Bancorp grew its stake in Synovus Financial by 12.6% in the 3rd quarter. Fifth Third Bancorp now owns 4,035 shares of the bank’s stock valued at $112,000 after purchasing an additional 452 shares during the period. Institutional investors own 83.85% of the company’s stock.

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.