Synovus Financial (NYSE:SNV) Given New $49.00 Price Target at UBS Group

Synovus Financial (NYSE:SNV) had its target price lowered by UBS Group from $53.00 to $49.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the bank’s stock.

Several other research firms have also recently weighed in on SNV. Raymond James Financial cut Synovus Financial from a “moderate buy” rating to a “hold” rating in a report on Monday, July 28th. JPMorgan Chase & Co. decreased their target price on Synovus Financial from $65.00 to $58.00 and set an “overweight” rating on the stock in a report on Wednesday, October 1st. Weiss Ratings cut Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Barclays decreased their target price on Synovus Financial from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, July 28th. Finally, Keefe, Bruyette & Woods cut Synovus Financial from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $65.00 to $50.00 in a report on Tuesday, August 12th. Eight investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Synovus Financial presently has an average rating of “Hold” and a consensus price target of $58.56.

Synovus Financial Price Performance

NYSE SNV opened at $45.14 on Wednesday. The business’s fifty day moving average price is $48.41 and its 200-day moving average price is $48.93. The stock has a market capitalization of $6.27 billion, a price-to-earnings ratio of 8.42, a PEG ratio of 0.77 and a beta of 1.21. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.91 and a quick ratio of 0.91. Synovus Financial has a 1-year low of $35.94 and a 1-year high of $61.06.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.10. The firm had revenue of $612.79 million for the quarter, compared to analysts’ expectations of $604.59 million. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The company’s revenue was up 9.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.23 EPS. On average, equities analysts predict that Synovus Financial will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Thursday, September 18th. Synovus Financial’s dividend payout ratio is presently 29.10%.

Insider Transactions at Synovus Financial

In other Synovus Financial news, Director Gregory G. Montana purchased 1,000 shares of the business’s stock in a transaction on Monday, October 20th. The stock was acquired at an average price of $45.37 per share, for a total transaction of $45,370.00. Following the purchase, the director owned 5,464 shares of the company’s stock, valued at approximately $247,901.68. This represents a 22.40% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

A number of institutional investors have recently bought and sold shares of SNV. AQR Capital Management LLC increased its stake in Synovus Financial by 168.2% in the 1st quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank’s stock worth $130,546,000 after buying an additional 1,791,973 shares in the last quarter. Norges Bank purchased a new position in shares of Synovus Financial during the second quarter valued at about $89,347,000. Invesco Ltd. grew its position in shares of Synovus Financial by 201.0% during the first quarter. Invesco Ltd. now owns 820,782 shares of the bank’s stock valued at $38,363,000 after purchasing an additional 548,092 shares in the last quarter. Millennium Management LLC grew its position in shares of Synovus Financial by 125.5% during the first quarter. Millennium Management LLC now owns 646,098 shares of the bank’s stock valued at $30,199,000 after purchasing an additional 359,568 shares in the last quarter. Finally, MetLife Investment Management LLC grew its position in shares of Synovus Financial by 393.8% during the first quarter. MetLife Investment Management LLC now owns 394,468 shares of the bank’s stock valued at $18,437,000 after purchasing an additional 314,576 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.