Synovus Financial (NYSE:SNV) Downgraded by Wells Fargo & Company

Wells Fargo & Company downgraded shares of Synovus Financial (NYSE:SNV) from an overweight rating to an equal weight rating in a research note published on Tuesday, Marketbeat reports. Wells Fargo & Company currently has $46.00 target price on the bank’s stock, down from their previous target price of $48.00.

SNV has been the topic of several other reports. Jefferies Financial Group upped their target price on shares of Synovus Financial from $44.00 to $47.00 and gave the stock a buy rating in a research report on Wednesday, July 3rd. StockNews.com downgraded Synovus Financial from a hold rating to a sell rating in a research note on Thursday, September 12th. Keefe, Bruyette & Woods boosted their target price on Synovus Financial from $38.00 to $42.00 and gave the stock a market perform rating in a research report on Tuesday, July 9th. Morgan Stanley upped their target price on Synovus Financial from $41.00 to $51.00 and gave the company an equal weight rating in a report on Monday, August 5th. Finally, DA Davidson lifted their price target on Synovus Financial from $47.00 to $55.00 and gave the stock a buy rating in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $47.44.

Synovus Financial Stock Up 2.6 %

SNV opened at $43.84 on Tuesday. 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 12 month low of $24.40 and a 12 month high of $47.83. The stock has a market capitalization of $6.31 billion, a P/E ratio of 15.01, a P/E/G ratio of 3.20 and a beta of 1.38. The business has a 50 day simple moving average of $43.93 and a 200-day simple moving average of $40.74.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company 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 earned $1.16 earnings per share. Synovus Financial’s quarterly revenue was down .7% compared to the same quarter last year. On average, equities analysts anticipate that Synovus Financial will post 4.2 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s payout ratio is 52.05%.

Insider Activity

In related news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the sale, the executive vice president now directly owns 14,833 shares in the company, valued at approximately $685,284.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

Institutional investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp raised its holdings in shares of Synovus Financial by 7.0% in the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after purchasing an additional 245 shares during the period. Dana Investment Advisors Inc. raised its holdings in Synovus Financial by 0.7% in the second quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock valued at $1,437,000 after buying an additional 254 shares during the period. Pitcairn Co. lifted its position in Synovus Financial by 2.3% during the first quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock valued at $462,000 after buying an additional 261 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Synovus Financial by 18.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after buying an additional 298 shares during the period. Finally, Hanseatic Management Services Inc. increased its position in shares of Synovus Financial by 2.6% in the second quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank’s stock worth $478,000 after acquiring an additional 303 shares in the last quarter. Hedge funds and other institutional investors 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.