Synovus Financial (NYSE:SNV) PT Lowered to $39.00 at Truist Financial

Synovus Financial (NYSE:SNV) had its target price reduced by Truist Financial from $45.00 to $39.00 in a research note issued to investors on Monday morning, Benzinga reports. Truist Financial currently has a buy rating on the bank’s stock.

Several other equities research analysts have also recently weighed in on the company. UBS Group upped their price target on Synovus Financial from $42.00 to $44.00 and gave the company a buy rating in a research report on Tuesday, January 23rd. Barclays decreased 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. JPMorgan Chase & Co. cut their price target on shares of Synovus Financial from $50.00 to $48.00 and set an overweight rating for the company in a report on Friday, April 19th. Piper Sandler lowered their price objective on Synovus Financial from $46.00 to $42.00 and set an overweight rating on the stock in a research report on Friday, April 19th. Finally, Royal Bank of Canada dropped their price objective on Synovus Financial from $44.00 to $41.00 and set an outperform rating for the company in a research note on Friday, April 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Synovus Financial currently has an average rating of Hold and an average target price of $41.38.

Synovus Financial Stock Up 0.5 %

Synovus Financial stock opened at $36.82 on Monday. The firm has a 50 day simple moving average of $37.92 and a 200 day simple moving average of $34.78. 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 has a market capitalization of $5.39 billion, a price-to-earnings ratio of 12.61, a P/E/G ratio of 4.09 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same period in the previous year, the business earned $1.33 earnings per share. Synovus Financial’s revenue was down 12.4% on a year-over-year basis. On average, analysts predict that Synovus Financial will post 3.79 earnings per share for the current year.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 4.13%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s dividend payout ratio is currently 52.05%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. AE Wealth Management LLC raised its position in Synovus Financial by 36.2% in the 3rd quarter. AE Wealth Management LLC now owns 18,728 shares of the bank’s stock worth $521,000 after purchasing an additional 4,980 shares during the period. Impact Partnership Wealth LLC purchased a new stake in Synovus Financial during the 3rd quarter valued at about $132,000. Cambridge Investment Research Advisors Inc. purchased a new stake in Synovus Financial during the 3rd quarter valued at about $214,000. Raymond James Financial Services Advisors Inc. grew its position in Synovus Financial by 11.2% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 22,867 shares of the bank’s stock worth $636,000 after acquiring an additional 2,305 shares during the last quarter. Finally, Sippican Capital Advisors increased its stake in Synovus Financial by 7.2% in the 3rd quarter. Sippican Capital Advisors now owns 7,400 shares of the bank’s stock worth $206,000 after purchasing an additional 500 shares during the period. 83.85% of the stock is owned by hedge funds and other 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.