A number of other brokerages have also recently issued reports on SNV. Morgan Stanley lowered their target price on shares of Synovus Financial from $30.00 to $29.00 and set an equal weight rating on the stock in a report on Wednesday, September 27th. Wells Fargo & Company dropped their price objective on Synovus Financial from $45.00 to $33.00 and set an overweight rating on the stock in a report on Wednesday, October 4th. Truist Financial cut their target price on Synovus Financial from $31.35 to $31.00 and set a buy rating for the company in a research note on Monday, October 23rd. JPMorgan Chase & Co. decreased their price target on Synovus Financial from $40.00 to $34.00 and set an overweight rating on the stock in a research report on Thursday, October 5th. Finally, Royal Bank of Canada cut their price objective on shares of Synovus Financial from $38.00 to $34.00 in a research report on Tuesday, October 10th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Synovus Financial has a consensus rating of Moderate Buy and an average price target of $33.75.
Synovus Financial Stock Down 0.9 %
Synovus Financial (NYSE:SNV – Get Free Report) last released its quarterly earnings data on Thursday, October 19th. The bank reported $0.84 EPS for the quarter, meeting the consensus estimate of $0.84. The business had revenue of $550.30 million for the quarter, compared to the consensus estimate of $539.16 million. Synovus Financial had a net margin of 20.14% and a return on equity of 17.48%. The company’s revenue was down 5.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.34 earnings per share. On average, equities research analysts anticipate that Synovus Financial will post 4.22 EPS for the current year.
Synovus Financial Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Thursday, September 21st were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 5.50%. The ex-dividend date was Wednesday, September 20th. Synovus Financial’s payout ratio is currently 34.55%.
Insider Transactions at Synovus Financial
In related news, major shareholder Eli Samaha acquired 3,466 shares of Synovus Financial stock in a transaction dated Monday, October 2nd. The shares were purchased at an average cost of $21.28 per share, with a total value of $73,756.48. Following the completion of the purchase, the insider now owns 1,685,275 shares of the company’s stock, valued at $35,862,652. The transaction was disclosed in a document filed with the SEC, which is available through this link. In the last ninety days, insiders acquired 236,481 shares of company stock worth $5,057,219. 1.60% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in SNV. American Trust boosted its position in Synovus Financial by 2.9% during the 4th quarter. American Trust now owns 9,208 shares of the bank’s stock valued at $346,000 after buying an additional 258 shares during the period. Leavell Investment Management Inc. increased its holdings in Synovus Financial by 0.3% during the 2nd quarter. Leavell Investment Management Inc. now owns 88,708 shares of the bank’s stock valued at $2,717,000 after purchasing an additional 291 shares during the period. Lazard Asset Management LLC raised its position in Synovus Financial by 64.8% during the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after purchasing an additional 318 shares during the last quarter. US Bancorp DE lifted its holdings in Synovus Financial by 2.1% in the 2nd quarter. US Bancorp DE now owns 15,574 shares of the bank’s stock worth $471,000 after buying an additional 319 shares during the period. Finally, Compass Financial Advisors LLC grew its position in shares of Synovus Financial by 3.8% in the 1st quarter. Compass Financial Advisors LLC now owns 10,264 shares of the bank’s stock worth $316,000 after buying an additional 373 shares during the last quarter. Institutional investors own 79.92% 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 loans.
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