Synovus Financial (NYSE:SNV) PT Raised to $49.00 at JPMorgan Chase & Co.

Synovus Financial (NYSE:SNV) had its target price boosted by JPMorgan Chase & Co. from $48.00 to $49.00 in a research report report published on Thursday morning, Benzinga reports. They currently have an overweight rating on the bank’s stock.

A number of other brokerages have also commented on SNV. Barclays raised shares of Synovus Financial from an equal weight rating to an overweight rating and upped their price objective for the company from $39.00 to $46.00 in a research report on Monday, June 24th. Truist Financial dropped their price target on shares of Synovus Financial from $45.00 to $39.00 and set a buy rating for the company in a research report on Monday, April 22nd. DA Davidson increased their price target on shares of Synovus Financial from $43.00 to $47.00 and gave the stock a buy rating in a research report on Tuesday, May 7th. The Goldman Sachs Group dropped their price target on shares of Synovus Financial from $46.00 to $41.00 and set a neutral rating for the company in a research report on Friday, April 19th. Finally, Keefe, Bruyette & Woods reaffirmed a market perform rating and set a $38.00 price objective (down from $46.00) on shares of Synovus Financial in a research note on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $42.00.

Synovus Financial Stock Up 5.9 %

Synovus Financial stock opened at $40.19 on Thursday. The firm has a market cap of $5.89 billion, a price-to-earnings ratio of 13.76, a P/E/G ratio of 5.13 and a beta of 1.41. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $40.92. The firm has a fifty day moving average price of $38.09 and a two-hundred day moving average price of $37.80.

Synovus Financial (NYSE:SNV) last released 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 firm had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The firm’s revenue was down 12.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.33 EPS. As a group, analysts forecast that Synovus Financial will post 3.82 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Thursday, June 20th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $1.52 dividend on an annualized basis and a yield of 3.78%. Synovus Financial’s payout ratio is presently 52.05%.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, EVP D Wayne Akins, Jr. acquired 24,500 shares of Synovus Financial stock in a transaction on Friday, June 7th. The shares were purchased at an average cost of $37.40 per share, with a total value of $916,300.00. Following the completion of the purchase, the executive vice president now owns 41,884 shares in the company, valued at $1,566,461.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Synovus Financial news, major shareholder Eli Samaha sold 172,889 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $25.20, for a total value of $4,356,802.80. Following the transaction, the insider now directly owns 1,293,259 shares of the company’s stock, valued at $32,590,126.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP D Wayne Akins, Jr. acquired 24,500 shares of Synovus Financial stock in a transaction on Friday, June 7th. The stock was acquired at an average cost of $37.40 per share, for a total transaction of $916,300.00. Following the completion of the purchase, the executive vice president now owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 179,712 shares of company stock valued at $4,528,878. 0.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Synovus Financial

Several hedge funds have recently bought and sold shares of the company. Pitcairn Co. raised its holdings in Synovus Financial by 2.3% in the first quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock worth $462,000 after purchasing an additional 261 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Synovus Financial by 18.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after purchasing an additional 298 shares during the period. Yousif Capital Management LLC raised its holdings in Synovus Financial by 0.5% in the fourth quarter. Yousif Capital Management LLC now owns 69,749 shares of the bank’s stock worth $2,626,000 after purchasing an additional 360 shares during the period. Abich Financial Wealth Management LLC raised its holdings in Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after purchasing an additional 371 shares during the period. Finally, Truist Financial Corp raised its holdings in Synovus Financial by 0.3% in the fourth quarter. Truist Financial Corp now owns 121,099 shares of the bank’s stock worth $4,559,000 after purchasing an additional 376 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.