Synovus Financial (NYSE:SNV) Upgraded at Barclays

Barclays upgraded shares of Synovus Financial (NYSE:SNV) from an equal weight rating to an overweight rating in a report published on Monday, MarketBeat reports. They currently have $46.00 target price on the bank’s stock, up from their prior target price of $39.00.

Several other analysts also recently issued reports on the company. DA Davidson upped their price target on Synovus Financial from $43.00 to $47.00 and gave the stock a buy rating in a research note on Tuesday, May 7th. Keefe, Bruyette & Woods reiterated a market perform rating and set a $38.00 price target (down previously from $46.00) on shares of Synovus Financial in a report on Friday, April 19th. Stephens restated an equal weight rating and issued a $38.00 price objective on shares of Synovus Financial in a research note on Tuesday, May 7th. Wells Fargo & Company lowered their target price on shares of Synovus Financial from $42.00 to $40.00 and set an overweight rating on the stock in a research note on Friday, April 19th. Finally, Jefferies Financial Group dropped their target price on shares of Synovus Financial from $46.00 to $43.00 and set a buy rating on the stock in a report on Monday, April 8th. One equities research 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. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $41.94.

Synovus Financial Trading Down 0.4 %

NYSE SNV opened at $37.71 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $40.92. The firm’s fifty day simple moving average is $37.90 and its 200-day simple moving average is $37.75. The company has a market capitalization of $5.52 billion, a PE ratio of 12.91, a price-to-earnings-growth ratio of 5.11 and a beta of 1.41.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20). The firm had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The company’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.33 EPS. As a group, sell-side analysts anticipate that Synovus Financial will post 3.82 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Thursday, June 20th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 4.03%. The ex-dividend date is Thursday, June 20th. Synovus Financial’s payout ratio is presently 52.05%.

Insider Activity

In other Synovus Financial news, major shareholder Eli Samaha sold 6,803 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total value of $171,571.66. Following the completion of the sale, the insider now owns 1,466,493 shares in the company, valued at approximately $36,984,953.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Synovus Financial news, EVP D Wayne Akins, Jr. bought 24,500 shares of the business’s stock in a transaction on Friday, June 7th. The shares were bought at an average cost of $37.40 per share, for a total transaction of $916,300.00. Following the transaction, the executive vice president now owns 41,884 shares in the company, valued at approximately $1,566,461.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Eli Samaha sold 6,803 shares of Synovus Financial stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total transaction of $171,571.66. Following the sale, the insider now owns 1,466,493 shares of the company’s stock, valued at approximately $36,984,953.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 179,712 shares of company stock worth $4,528,878. 0.81% of the stock is owned by corporate insiders.

Institutional Trading of Synovus Financial

Institutional investors have recently bought and sold shares of the business. Pitcairn Co. boosted its position in shares of Synovus Financial by 2.3% during the first quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock worth $462,000 after buying an additional 261 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Synovus Financial by 18.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after acquiring an additional 298 shares in the last quarter. Yousif Capital Management LLC raised its holdings in shares of Synovus Financial by 0.5% in the fourth quarter. Yousif Capital Management LLC now owns 69,749 shares of the bank’s stock valued at $2,626,000 after purchasing an additional 360 shares during the last quarter. Abich Financial Wealth Management LLC lifted its position in shares of 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 in the last quarter. Finally, Truist Financial Corp boosted its holdings in Synovus Financial by 0.3% during 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 last quarter. Institutional investors and hedge funds 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.