Synovus Financial (NYSE:SNV) Shares Gap Down to $35.74

Synovus Financial Corp. (NYSE:SNV – Get Rating) gapped down before the market opened on Friday . The stock had previously closed at $35.74, but opened at $34.01. Synovus Financial shares last traded at $32.94, with a volume of 345,087 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have weighed in on SNV. DA Davidson raised their target price on shares of Synovus Financial from $42.50 to $45.50 in a research note on Friday, December 9th. Raymond James raised their target price on shares of Synovus Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday, January 20th. Morgan Stanley began coverage on shares of Synovus Financial in a research note on Monday, December 5th. They set an “equal weight” rating and a $44.00 target price for the company. Finally, JPMorgan Chase & Co. decreased their target price on shares of Synovus Financial from $45.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 13th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $47.40.

Synovus Financial Stock Down 2.9 %

The company has a market cap of $5.07 billion, a P/E ratio of 7.01, a P/E/G ratio of 2.28 and a beta of 1.37. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.92 and a quick ratio of 0.91. The company’s 50-day moving average is $40.66 and its two-hundred day moving average is $40.03.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Thursday, March 16th will be issued a $0.38 dividend. The ex-dividend date is Wednesday, March 15th. This represents a $1.52 annualized dividend and a yield of 4.38%. This is a boost from Synovus Financial’s previous quarterly dividend of $0.34. Synovus Financial’s dividend payout ratio (DPR) is currently 27.47%.

Insider Buying and Selling

In related news, EVP Thomas T. Dierdorff sold 1,947 shares of the firm’s stock in a transaction that occurred on Friday, February 10th. The shares were sold at an average price of $43.36, for a total value of $84,421.92. Following the sale, the executive vice president now owns 9,314 shares in the company, valued at $403,855.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Synovus Financial by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 14,996,954 shares of the bank’s stock worth $562,536,000 after acquiring an additional 170,332 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Synovus Financial by 0.7% during the 3rd quarter. BlackRock Inc. now owns 13,285,726 shares of the bank’s stock worth $498,347,000 after acquiring an additional 92,205 shares during the last quarter. State Street Corp boosted its stake in shares of Synovus Financial by 3.7% during the 3rd quarter. State Street Corp now owns 6,058,263 shares of the bank’s stock worth $229,247,000 after acquiring an additional 218,567 shares during the last quarter. Synovus Financial Corp boosted its stake in shares of Synovus Financial by 8.7% during the 2nd quarter. Synovus Financial Corp now owns 5,873,308 shares of the bank’s stock worth $211,728,000 after acquiring an additional 468,077 shares during the last quarter. Finally, FMR LLC boosted its stake in shares of Synovus Financial by 14.5% during the 2nd quarter. FMR LLC now owns 4,289,529 shares of the bank’s stock worth $154,638,000 after acquiring an additional 541,698 shares during the last quarter. Hedge funds and other institutional investors own 79.89% of the company’s stock.

About Synovus Financial

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Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.