Synovus Financial (NYSE:SNV) PT Lowered to $52.00 at JPMorgan Chase & Co.

by · The Cerbat Gem

Synovus Financial (NYSE:SNV – Free Report) had its price objective decreased by JPMorgan Chase & Co. from $55.00 to $52.00 in a research note issued to investors on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the bank’s stock.

Several other equities research analysts also recently issued reports on the stock. Stephens raised their price objective on shares of Synovus Financial from $43.00 to $46.00 and gave the stock an equal weight rating in a research note on Friday, July 19th. DA Davidson raised their price target on shares of Synovus Financial from $47.00 to $55.00 and gave the stock a buy rating in a research report on Friday, July 19th. Royal Bank of Canada boosted their price objective on shares of Synovus Financial from $45.00 to $49.00 and gave the stock an outperform rating in a report on Friday, July 19th. Evercore ISI reduced their target price on shares of Synovus Financial from $50.00 to $48.00 and set an in-line rating for the company in a research note on Wednesday, October 2nd. Finally, Keefe, Bruyette & Woods boosted their price target on Synovus Financial from $38.00 to $42.00 and gave the company a market perform rating in a research note on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $47.94.

Get Our Latest Stock Analysis on Synovus Financial

Synovus Financial Stock Up 4.2 %

Synovus Financial stock opened at $45.81 on Wednesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $47.83. The firm has a fifty day moving average price of $43.72 and a two-hundred day moving average price of $40.97. The firm has a market cap of $6.60 billion, a price-to-earnings ratio of 28.10, a P/E/G ratio of 2.05 and a beta of 1.38.

Synovus Financial (NYSE:SNV – Get Free Report) last posted its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.20. The business had revenue of $563.60 million during the quarter, compared to analysts’ expectations of $543.52 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The firm’s revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.16 EPS. As a group, analysts forecast that Synovus Financial will post 4.02 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.32%. Synovus Financial’s dividend payout ratio is presently 93.25%.

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the transaction, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at $685,284.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Synovus Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its stake in Synovus Financial by 6.5% in the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after purchasing an additional 229 shares in the last quarter. Fifth Third Bancorp lifted its position in Synovus Financial by 7.0% during the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after buying an additional 245 shares in the last quarter. Dana Investment Advisors Inc. grew its holdings in Synovus Financial by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock worth $1,437,000 after acquiring an additional 254 shares during the last quarter. Pitcairn Co. increased its position in Synovus Financial by 2.3% in the 1st quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock valued at $462,000 after acquiring an additional 261 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Synovus Financial by 18.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after acquiring an additional 298 shares during the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Company Profile

(Get Free Report)

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.

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