Synovus Financial's (SNV) Equal Weight Rating Reaffirmed at Stephens

Stephens reissued their equal weight rating on shares of Synovus Financial (NYSE:SNV - Free Report) in a report published on Tuesday, Benzinga reports. Stephens currently has a $38.00 price target on the bank's stock.

Several other equities research analysts have also recently issued reports on the stock. Raymond James cut shares of Synovus Financial from a strong-buy rating to a market perform rating in a report on Thursday, April 18th. Keefe, Bruyette & Woods restated a market perform rating and issued a $38.00 target price (down previously from $46.00) on shares of Synovus Financial in a report on Friday, April 19th. The Goldman Sachs Group dropped their target price on shares of Synovus Financial from $46.00 to $41.00 and set a neutral rating on the stock in a report on Friday, April 19th. Morgan Stanley restated an equal weight rating and issued a $37.00 target price on shares of Synovus Financial in a report on Monday, April 22nd. Finally, Barclays dropped their target price on shares of Synovus Financial from $42.00 to $39.00 and set an equal weight rating on the stock in a report on Friday, April 19th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, Synovus Financial has an average rating of Hold and a consensus target price of $41.50.

Synovus Financial Stock Down 0.8 %

Shares of SNV traded down $0.31 on Tuesday, hitting $38.39. 2,041,597 shares of the stock traded hands, compared to its average volume of 1,491,102. The company has a market capitalization of $5.62 billion, a PE ratio of 13.32, a P/E/G ratio of 4.41 and a beta of 1.41. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The business has a 50 day simple moving average of $37.93 and a 200 day simple moving average of $35.39. Synovus Financial has a one year low of $24.40 and a one year high of $40.92.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings results 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 net margin of 13.29% and a return on equity of 12.93%. The firm had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same period last year, the business earned $1.33 EPS. Synovus Financial's revenue was down 12.4% on a year-over-year basis. As a group, equities analysts forecast that Synovus Financial will post 3.76 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 annualized dividend and a dividend yield of 3.96%. Synovus Financial's payout ratio is 52.05%.

Institutional Trading of Synovus Financial

Several institutional investors and hedge funds have recently modified their holdings of the company. Allworth Financial LP increased its holdings in Synovus Financial by 333.5% in the 4th quarter. Allworth Financial LP now owns 724 shares of the bank's stock valued at $27,000 after acquiring an additional 557 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Synovus Financial in the 4th quarter valued at $28,000. MeadowBrook Investment Advisors LLC bought a new stake in Synovus Financial in the 4th quarter valued at $30,000. American National Bank bought a new stake in Synovus Financial in the 4th quarter valued at $38,000. Finally, Tennessee Valley Asset Management Partners bought a new stake in shares of Synovus Financial in the 4th quarter worth about $42,000. 83.85% of the stock is currently owned by 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.