Synovus Financial (NYSE:SNV) PT Raised to $50.00

Synovus Financial (NYSE:SNV - Free Report) had its price target lifted by JPMorgan Chase & Co. from $46.00 to $50.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the bank's stock.

Several other equities research analysts have also issued reports on the company. Stephens initiated coverage on Synovus Financial in a research report on Tuesday, December 19th. They set an equal weight rating and a $40.00 target price for the company. Truist Financial raised their target price on Synovus Financial from $42.00 to $45.00 and gave the company a buy rating in a research report on Monday. UBS Group raised their target price on Synovus Financial from $42.00 to $44.00 and gave the company a buy rating in a research report on Tuesday, January 23rd. Barclays started coverage on Synovus Financial in a research report on Friday, March 8th. They set an equal weight rating and a $42.00 target price for the company. Finally, Morgan Stanley increased their price target on Synovus Financial from $29.00 to $37.00 and gave the stock an equal weight rating in a research note on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Synovus Financial currently has a consensus rating of Moderate Buy and a consensus price target of $40.06.

Synovus Financial Stock Down 0.2 %

Shares of NYSE:SNV traded down $0.08 during trading on Thursday, reaching $37.92. 1,421,661 shares of the stock were exchanged, compared to its average volume of 1,464,222. The firm has a market cap of $5.55 billion, a price-to-earnings ratio of 11.20 and a beta of 1.40. The stock has a fifty day moving average of $37.90 and a two-hundred day moving average of $33.80. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $40.92. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Wednesday, January 17th. The bank reported $0.80 EPS for the quarter, missing analysts' consensus estimates of $0.94 by ($0.14). The company had revenue of $488.68 million during the quarter, compared to analysts' expectations of $527.60 million. Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. Research analysts anticipate that Synovus Financial will post 4.03 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently announced 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 annualized dividend and a yield of 4.01%. Synovus Financial's dividend payout ratio is currently 43.93%.

Insiders Place Their Bets

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 2,045 shares of the firm's stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the sale, the executive vice president now owns 11,086 shares of the company's stock, valued at approximately $423,817.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Tim E. Bentsen sold 4,671 shares of the firm's stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the transaction, the director now directly owns 33,144 shares of the company's stock, valued at approximately $1,280,021.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the firm's stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following the transaction, the executive vice president now directly owns 11,086 shares in the company, valued at $423,817.78. The disclosure for this sale can be found here. 0.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Synovus Financial

Large investors have recently modified their holdings of the company. Allworth Financial LP raised its holdings in shares of Synovus Financial by 333.5% during the 4th quarter. Allworth Financial LP now owns 724 shares of the bank's stock valued at $27,000 after buying an additional 557 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Synovus Financial in the 4th quarter worth approximately $28,000. MeadowBrook Investment Advisors LLC purchased a new position in Synovus Financial in the 4th quarter worth approximately $30,000. Lazard Asset Management LLC increased its stake in Synovus Financial by 64.8% in the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank's stock worth $30,000 after purchasing an additional 318 shares during the period. Finally, American National Bank purchased a new position in Synovus Financial in the 4th quarter worth approximately $38,000. 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.