Evercore ISI Cuts Synovus Financial (NYSE:SNV) Price Target to $48.00

Synovus Financial (NYSE:SNV) had its price objective reduced by Evercore ISI from $50.00 to $48.00 in a research report released on Wednesday morning, Benzinga reports. Evercore ISI currently has an in-line rating on the bank’s stock.

SNV has been the subject of a number of other research reports. JPMorgan Chase & Co. upped their price objective on shares of Synovus Financial from $48.00 to $49.00 and gave the stock an overweight rating in a research report on Thursday, June 27th. Stephens increased their target price on Synovus Financial from $43.00 to $46.00 and gave the company an equal weight rating in a report on Friday, July 19th. Truist Financial lifted their price target on Synovus Financial from $50.00 to $52.00 and gave the stock a buy rating in a research note on Friday, September 20th. Jefferies Financial Group boosted their price target on Synovus Financial from $44.00 to $47.00 and gave the stock a buy rating in a research report on Wednesday, July 3rd. Finally, Raymond James upgraded Synovus Financial from a market perform rating to an outperform rating and set a $49.00 price objective on the stock in a report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Synovus Financial has a consensus rating of Moderate Buy and a consensus price target of $47.44.

Synovus Financial Stock Up 2.6 %

Synovus Financial stock opened at $43.84 on Wednesday. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $47.83. The firm has a market cap of $6.31 billion, a price-to-earnings ratio of 15.01, a price-to-earnings-growth ratio of 3.20 and a beta of 1.38. The business’s 50-day moving average price is $43.93 and its 200 day moving average price is $40.74. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The firm had revenue of $563.60 million during the quarter, compared to analyst estimates of $543.52 million. During the same period in the previous year, the firm earned $1.16 EPS. The business’s quarterly revenue was down .7% on a year-over-year basis. As a group, sell-side analysts anticipate that Synovus Financial will post 4.2 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s dividend payout ratio is presently 52.05%.

Insiders Place Their Bets

In other news, EVP Thomas T. Dierdorff sold 614 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the transaction, the executive vice president now owns 14,833 shares of the company’s stock, valued at $685,284.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Synovus Financial

Institutional investors and hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP raised its holdings in shares of Synovus Financial by 56.9% in the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after buying an additional 2,843,488 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Synovus Financial by 9.3% during the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after purchasing an additional 491,036 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Synovus Financial by 4.0% in the fourth quarter. First Trust Advisors LP now owns 1,410,088 shares of the bank’s stock valued at $53,090,000 after purchasing an additional 53,974 shares during the period. Millennium Management LLC boosted its stake in shares of Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after purchasing an additional 838,932 shares during the period. Finally, Wedge Capital Management L L P NC increased its stake in Synovus Financial by 14.9% during the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after buying an additional 148,842 shares during the period. 83.85% of the stock is owned by hedge funds and other 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.