Synovus Financial (NYSE:SNV) Given New $42.00 Price Target at Wells Fargo & Company

Synovus Financial (NYSE:SNV - Free Report) had its target price hoisted by Wells Fargo & Company from $40.00 to $42.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the bank's stock.

SNV has been the subject of a number of other reports. Raymond James raised Synovus Financial from an outperform rating to a strong-buy rating and increased their price target for the company from $34.00 to $45.00 in a research report on Friday, January 5th. Morgan Stanley raised their target price 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. Barclays started coverage on Synovus Financial in a research note on Friday, March 8th. They issued an equal weight rating and a $42.00 target price for the company. Truist Financial raised their target price on Synovus Financial from $42.00 to $45.00 and gave the stock a buy rating in a research note on Monday, April 1st. Finally, UBS Group raised their target price on Synovus Financial from $42.00 to $44.00 and gave the stock a buy rating in a research note on Tuesday, January 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $41.50.

Synovus Financial Trading Down 5.2 %

Shares of Synovus Financial stock traded down $2.02 on Wednesday, reaching $37.17. 1,190,133 shares of the company's stock were exchanged, compared to its average volume of 1,449,489. The company has a market capitalization of $5.44 billion, a P/E ratio of 10.74 and a beta of 1.40. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $40.92. The firm's 50-day moving average is $37.85 and its two-hundred day moving average is $34.14. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results on Wednesday, January 17th. The bank reported $0.80 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.94 by ($0.14). The business had revenue of $488.68 million for the quarter, compared to the consensus estimate of $527.60 million. Synovus Financial had a return on equity of 14.95% and a net margin of 15.74%. Sell-side analysts predict that Synovus Financial will post 4.02 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial's dividend payout ratio (DPR) is presently 43.93%.

Insider Activity

In other news, Director Tim E. Bentsen sold 4,671 shares of the business's stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the sale, the director now owns 33,144 shares of the company's stock, valued at approximately $1,280,021.28. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the company's stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the completion of the transaction, the director now owns 33,144 shares of the company's stock, valued at approximately $1,280,021.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the company's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $423,817.78. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. American Century Companies Inc. raised its position in shares of Synovus Financial by 46.0% in the 3rd quarter. American Century Companies Inc. now owns 957,939 shares of the bank's stock worth $26,631,000 after acquiring an additional 301,604 shares in the last quarter. Prudential PLC purchased a new stake in shares of Synovus Financial in the 3rd quarter worth approximately $1,025,000. rhino investment partners Inc purchased a new stake in shares of Synovus Financial in the 3rd quarter worth approximately $5,984,000. Barclays PLC grew its stake in shares of Synovus Financial by 17.6% in the 3rd quarter. Barclays PLC now owns 437,126 shares of the bank's stock worth $12,151,000 after buying an additional 65,434 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Synovus Financial by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,709,107 shares of the bank's stock worth $103,113,000 after buying an additional 132,904 shares during the last quarter. 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.