JPMorgan Chase & Co. Raises Synovus Financial (NYSE:SNV) Price Target to $49.00

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

Other equities research analysts have also issued reports about the stock. Bank of America reduced their target price on shares of Synovus Financial from $44.00 to $40.00 and set a buy rating on the stock in a report on Friday, April 19th. Barclays upgraded shares of Synovus Financial from an equal weight rating to an overweight rating and raised their price objective for the company from $39.00 to $46.00 in a report on Monday, June 24th. Piper Sandler reduced their price objective on shares of Synovus Financial from $46.00 to $42.00 and set an overweight rating on the stock in a report on Friday, April 19th. The Goldman Sachs Group reduced their price objective 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. Finally, Evercore ISI raised their price objective on shares of Synovus Financial from $40.00 to $42.00 and gave the company an in-line rating in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $42.00.

Synovus Financial Stock Performance

Shares of SNV stock opened at $40.19 on Thursday. The firm’s 50 day moving average price is $38.09 and its 200-day moving average price is $37.80. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. Synovus Financial has a one year low of $24.40 and a one year high of $40.92. The firm has a market cap of $5.89 billion, a P/E ratio of 13.76, a P/E/G ratio of 5.13 and a beta of 1.41.

Synovus Financial (NYSE:SNV) last released its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The business 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%. Synovus Financial’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.33 earnings per share. As a group, equities research analysts predict that Synovus Financial will post 3.82 EPS for the current year.

Synovus Financial Dividend Announcement

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 given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.78%. The ex-dividend date is Thursday, June 20th. Synovus Financial’s payout ratio is currently 52.05%.

Insiders Place Their Bets

In other Synovus Financial news, EVP D Wayne Akins, Jr. acquired 24,500 shares of the stock in a transaction on Friday, June 7th. The shares were bought at an average cost of $37.40 per share, with a total value of $916,300.00. Following the transaction, the executive vice president now owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Synovus Financial news, EVP D Wayne Akins, Jr. acquired 24,500 shares of the stock in a transaction on Friday, June 7th. The shares were bought at an average cost of $37.40 per share, with a total value of $916,300.00. Following the transaction, the executive vice president now owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Eli Samaha sold 6,803 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 1,466,493 shares in the company, valued at $36,984,953.46. The disclosure for this sale can be found here. In the last three months, insiders have sold 179,712 shares of company stock valued at $4,528,878. Insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

Several hedge funds have recently made changes to their positions in SNV. Wellington Management Group LLP lifted its stake in shares of Synovus Financial by 56.9% in the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock worth $295,127,000 after acquiring an additional 2,843,488 shares during the period. Channing Capital Management LLC acquired a new stake in shares of Synovus Financial in the 4th quarter worth $72,201,000. Norges Bank acquired a new stake in shares of Synovus Financial in the 4th quarter worth $59,941,000. Dimensional Fund Advisors LP lifted its stake in shares of Synovus Financial by 24.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock worth $194,951,000 after acquiring an additional 1,016,231 shares during the period. Finally, New York State Common Retirement Fund lifted its stake in shares of Synovus Financial by 346.6% in the 4th quarter. New York State Common Retirement Fund now owns 570,880 shares of the bank’s stock worth $21,494,000 after acquiring an additional 443,056 shares during the period. 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.