Synovus Financial Corp. (NYSE:SNV) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Synovus Financial Corp. (NYSE:SNV) have been assigned an average recommendation of “Moderate Buy” from the sixteen analysts that are currently covering the stock, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $41.50.

SNV has been the topic of a number of research reports. Evercore ISI raised their target price on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a research note on Thursday, March 28th. Stephens reissued an “equal weight” rating and set a $38.00 price objective on shares of Synovus Financial in a report on Tuesday, May 7th. The Goldman Sachs Group decreased their price target on shares of Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a report on Friday, April 19th. DA Davidson lifted their price target on shares of Synovus Financial from $43.00 to $47.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $37.00 price target on shares of Synovus Financial in a report on Monday, April 22nd.

Insider Buying and Selling

In related news, major shareholder Eli Samaha sold 6,803 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total transaction of $171,571.66. Following the transaction, the insider now owns 1,466,493 shares of the company’s stock, valued at $36,984,953.46. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, major shareholder Eli Samaha sold 6,803 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total value of $171,571.66. Following the sale, the insider now owns 1,466,493 shares in the company, valued at $36,984,953.46. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP D Wayne Akins, Jr. acquired 24,500 shares of the stock in a transaction dated Friday, June 7th. The stock was bought at an average price of $37.40 per share, for a total transaction of $916,300.00. Following the purchase, the executive vice president now owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The disclosure for this purchase can be found here. Over the last three months, insiders sold 179,712 shares of company stock worth $4,528,878. 0.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Synovus Financial

A number of institutional investors have recently bought and sold shares of SNV. Allworth Financial LP boosted its stake in shares of Synovus Financial by 333.5% in the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after purchasing an additional 557 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Synovus Financial in the fourth quarter valued at about $28,000. MeadowBrook Investment Advisors LLC bought a new position in shares of Synovus Financial in the fourth quarter valued at about $30,000. American National Bank bought a new position in shares of Synovus Financial in the fourth quarter valued at about $38,000. Finally, Tennessee Valley Asset Management Partners bought a new position in shares of Synovus Financial in the fourth quarter valued at about $42,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Down 0.7 %

Shares of NYSE SNV opened at $36.92 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $5.41 billion, a P/E ratio of 12.64, a price-to-earnings-growth ratio of 5.02 and a beta of 1.41. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $40.92. The firm’s 50 day moving average price is $37.82 and its 200 day moving average price is $37.63.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The company had revenue of $537.73 million for the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The business’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.33 EPS. As a group, sell-side analysts anticipate that Synovus Financial will post 3.82 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Thursday, June 20th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 4.12%. The ex-dividend date is Thursday, June 20th. Synovus Financial’s dividend payout ratio is currently 52.05%.

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.