Synovus Financial (NYSE:SNV) Downgraded to “Sell” at StockNews.com

StockNews.com downgraded shares of Synovus Financial (NYSE:SNV) from a hold rating to a sell rating in a research note issued to investors on Thursday morning.

A number of other brokerages have also recently commented on SNV. Morgan Stanley upped their price target on Synovus Financial from $41.00 to $51.00 and gave the company an equal weight rating in a research report on Monday, August 5th. Piper Sandler increased their target price on Synovus Financial from $42.00 to $53.00 and gave the stock an overweight rating in a research report on Friday, July 19th. Wells Fargo & Company boosted their price objective on Synovus Financial from $40.00 to $42.00 and gave the company an overweight rating in a research note on Tuesday, July 9th. Keefe, Bruyette & Woods increased their target price 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. Finally, DA Davidson raised their price objective on Synovus Financial from $47.00 to $55.00 and gave the company a buy rating in a report on Friday, July 19th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Synovus Financial has an average rating of Moderate Buy and a consensus price target of $46.44.

Synovus Financial Stock Up 2.1 %

SNV stock opened at $44.62 on Thursday. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $47.83. The stock has a market cap of $6.42 billion, a P/E ratio of 15.28, a P/E/G ratio of 3.41 and a beta of 1.39. The stock’s fifty day simple moving average is $43.90 and its two-hundred day simple moving average is $40.26. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The business had revenue of $563.60 million during the quarter, compared to the consensus estimate of $543.52 million. During the same quarter last year, the company posted $1.16 earnings per share. The firm’s quarterly revenue was down .7% compared to the same quarter last year. Analysts expect that Synovus Financial will post 4.05 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be given a $0.38 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.41%. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insider Activity at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the sale, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at $685,284.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.81% of the stock is owned by corporate insiders.

Institutional Trading of Synovus Financial

A number of institutional investors and hedge funds have recently bought and sold shares of SNV. Nordea Investment Management AB increased its position in shares of Synovus Financial by 24.5% during the first quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock valued at $13,233,000 after acquiring an additional 64,621 shares in the last quarter. &PARTNERS bought a new stake in shares of Synovus Financial in the 2nd quarter worth $284,000. Texas Permanent School Fund Corp raised its stake in shares of Synovus Financial by 19.6% in the second quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after purchasing an additional 25,028 shares during the last quarter. Eventide Asset Management LLC bought a new position in shares of Synovus Financial during the fourth quarter valued at $968,000. Finally, Private Capital Management LLC boosted its position in shares of Synovus Financial by 6.2% during the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock valued at $14,644,000 after buying an additional 21,456 shares during the last quarter. 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.