Synovus Financial (NYSE:SNV) Price Target Lowered to $48.00 at Evercore ISI

Synovus Financial (NYSE:SNV) had its price target reduced by Evercore ISI from $50.00 to $48.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have an in-line rating on the bank’s stock.

SNV has been the subject of several other research reports. Raymond James raised shares of Synovus Financial from a market perform rating to an outperform rating and set a $49.00 target price for the company in a report on Tuesday, September 17th. Wells Fargo & Company cut Synovus Financial from an overweight rating to an equal weight rating and cut their target price for the stock from $48.00 to $46.00 in a research report on Tuesday, October 1st. Stephens boosted their price target on Synovus Financial from $43.00 to $46.00 and gave the stock an equal weight rating in a report on Friday, July 19th. StockNews.com lowered shares of Synovus Financial from a hold rating to a sell rating in a report on Thursday, September 12th. Finally, Barclays lifted their price objective on shares of Synovus Financial from $46.00 to $47.00 and gave the company an overweight rating in a research report on Friday, July 19th. One investment 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, the stock has a consensus rating of Moderate Buy and a consensus price target of $47.44.

Synovus Financial Stock Up 2.6 %

NYSE SNV opened at $43.83 on Wednesday. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $47.83. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $6.31 billion, a P/E ratio of 15.01, a price-to-earnings-growth ratio of 3.20 and a beta of 1.38. The stock’s 50-day moving average price is $43.86 and its 200-day moving average price is $40.78.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. The company had revenue of $563.60 million for the quarter, compared to analysts’ expectations of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The firm’s revenue was down .7% compared to the same quarter last year. During the same quarter last year, the business earned $1.16 EPS. On average, equities research analysts predict that Synovus Financial will post 4.2 earnings per share for the current year.

Synovus Financial Announces Dividend

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

Insiders Place Their Bets

In other news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Synovus Financial

Hedge funds and other institutional investors have recently made changes to their positions in the company. Innealta Capital LLC purchased a new position in shares of Synovus Financial during the 2nd quarter worth about $43,000. Abich Financial Wealth Management LLC grew its stake in shares of Synovus Financial by 43.5% during the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after buying an additional 371 shares during the last quarter. Fidelis Capital Partners LLC bought a new position in shares of Synovus Financial during the first quarter valued at approximately $51,000. Headlands Technologies LLC lifted its stake in shares of Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after acquiring an additional 1,105 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in Synovus Financial by 18.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after acquiring an additional 298 shares during the period. 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.