Stephens Raises Synovus Financial (NYSE:SNV) Price Target to $46.00

Synovus Financial (NYSE:SNV) had its target price hoisted by Stephens from $43.00 to $46.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have an equal weight rating on the bank’s stock.

Other equities research analysts also recently issued research reports about the stock. Barclays raised shares of Synovus Financial from an equal weight rating to an overweight rating and upped their price target for the company from $39.00 to $46.00 in a research note on Monday, June 24th. DA Davidson upped their price target on shares of Synovus Financial from $43.00 to $47.00 and gave the company a buy rating in a research note on Tuesday, May 7th. Piper Sandler upped their price target on shares of Synovus Financial from $42.00 to $53.00 and gave the company an overweight rating in a research note on Friday. Bank of America decreased their price target on shares of Synovus Financial from $44.00 to $40.00 and set a buy rating on the stock in a research note on Friday, April 19th. Finally, StockNews.com raised shares of Synovus Financial from a sell rating to a hold rating in a research note on Thursday. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $45.56.

Synovus Financial Price Performance

SNV stock opened at $45.09 on Friday. Synovus Financial has a one year low of $24.40 and a one year high of $47.76. The company’s fifty day moving average price is $39.47 and its 200-day moving average price is $38.23. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The company has a market capitalization of $6.60 billion, a PE ratio of 15.44, a price-to-earnings-growth ratio of 3.69 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, topping the consensus estimate of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The firm had revenue of $563.60 million for the quarter, compared to the consensus estimate of $543.52 million. During the same quarter in the previous year, the firm earned $1.16 earnings per share. The company’s quarterly revenue was down .7% compared to the same quarter last year. On average, equities analysts anticipate that Synovus Financial will post 3.92 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Thursday, June 20th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date was Thursday, June 20th. Synovus Financial’s payout ratio is presently 52.05%.

Insider Transactions at Synovus Financial

In other news, major shareholder Eli Samaha sold 172,889 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $25.20, for a total value of $4,356,802.80. Following the transaction, the insider now directly owns 1,293,259 shares in the company, valued at $32,590,126.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, major shareholder Eli Samaha sold 172,889 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $25.20, for a total value of $4,356,802.80. Following the transaction, the insider now directly owns 1,293,259 shares in the company, valued at $32,590,126.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP D Wayne Akins, Jr. purchased 24,500 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was bought at an average price of $37.40 per share, for a total transaction of $916,300.00. Following the completion of the acquisition, the executive vice president now owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 179,712 shares of company stock worth $4,528,878. Insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Phocas Financial Corp. bought a new position in Synovus Financial during the 4th quarter worth about $7,115,000. Nordea Investment Management AB grew its holdings in Synovus Financial by 24.5% during the 1st quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock worth $13,233,000 after acquiring an additional 64,621 shares in the last quarter. New York State Common Retirement Fund grew its holdings in Synovus Financial by 346.6% during 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 in the last quarter. BIP Wealth LLC grew its holdings in Synovus Financial by 104.6% during the 4th quarter. BIP Wealth LLC now owns 46,901 shares of the bank’s stock worth $1,766,000 after acquiring an additional 23,978 shares in the last quarter. Finally, Eventide Asset Management LLC bought a new position in Synovus Financial during the 4th quarter worth about $968,000. 83.85% of the stock is currently owned by institutional investors.

About Synovus Financial

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.