Synovus Financial (NYSE:SNV) Price Target Raised to $49.00 at JPMorgan Chase & Co.

Synovus Financial (NYSE:SNV) had its price target lifted by JPMorgan Chase & Co. from $48.00 to $49.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an overweight rating on the bank’s stock.

Several other brokerages have also issued reports on SNV. Morgan Stanley reissued an equal weight rating and issued a $37.00 price target on shares of Synovus Financial in a report on Monday, April 22nd. Keefe, Bruyette & Woods reaffirmed a market perform rating and set a $38.00 price target (down previously from $46.00) on shares of Synovus Financial in a research report on Friday, April 19th. Evercore ISI boosted their price objective on Synovus Financial from $40.00 to $42.00 and gave the company an in-line rating in a research report on Thursday, March 28th. Barclays upgraded shares of Synovus Financial from an equal weight rating to an overweight rating and raised their target price for the stock from $39.00 to $46.00 in a report on Monday. Finally, Bank of America cut their price target on shares of Synovus Financial from $44.00 to $40.00 and set a buy rating on the stock in a research note on Friday, April 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $42.00.

Synovus Financial Stock Up 0.6 %

Shares of Synovus Financial stock opened at $37.95 on Thursday. The business has a fifty day simple moving average of $37.99 and a 200 day simple moving average of $37.75. The stock has a market cap of $5.56 billion, a PE ratio of 13.00, a price-to-earnings-growth ratio of 5.10 and a beta of 1.41. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $40.92.

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

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Thursday, June 20th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.01%. Synovus Financial’s payout ratio is 52.05%.

Insider Buying and Selling

In other Synovus Financial news, major shareholder Eli Samaha sold 172,889 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $25.20, for a total value of $4,356,802.80. Following the sale, the insider now owns 1,293,259 shares in the company, valued at $32,590,126.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Synovus Financial news, major shareholder Eli Samaha sold 172,889 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $25.20, for a total value of $4,356,802.80. Following the transaction, the insider now directly owns 1,293,259 shares in the company, valued at $32,590,126.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP D Wayne Akins, Jr. acquired 24,500 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was bought at an average cost of $37.40 per share, for a total transaction of $916,300.00. Following the completion of the transaction, the executive vice president now directly owns 41,884 shares of the company’s stock, valued at $1,566,461.60. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 179,712 shares of company stock worth $4,528,878. Company insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

A number of institutional investors have recently made changes to their positions in SNV. Allworth Financial LP boosted its stake in 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 during the period. International Assets Investment Management LLC bought a new position in Synovus Financial during the fourth quarter worth about $28,000. MeadowBrook Investment Advisors LLC acquired a new stake in Synovus Financial in the 4th quarter worth about $30,000. American National Bank bought a new stake in Synovus Financial in the 4th quarter valued at about $38,000. Finally, Tennessee Valley Asset Management Partners acquired a new position in shares of Synovus Financial during the 4th quarter worth approximately $42,000. 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.