Synovus Financial (NYSE:SNV) Price Target Cut to $60.00 by Analysts at Barclays

Synovus Financial (NYSE:SNV) had its price target trimmed by Barclays from $66.00 to $60.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

Several other research analysts have also commented on SNV. Deutsche Bank Aktiengesellschaft started coverage on shares of Synovus Financial in a report on Monday, December 9th. They issued a “buy” rating and a $64.00 price target on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a report on Thursday, December 12th. JPMorgan Chase & Co. lifted their price objective on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Citigroup upped their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, Stephens restated an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a research note on Thursday, January 16th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $58.44.

Synovus Financial Trading Down 1.6 %

Shares of SNV stock opened at $38.13 on Tuesday. The company has a market capitalization of $5.37 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 1.11 and a beta of 1.16. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a 50-day moving average price of $49.39 and a 200 day moving average price of $50.94. Synovus Financial has a twelve month low of $33.44 and a twelve month high of $59.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. During the same quarter last year, the firm earned $0.80 earnings per share. The business’s revenue was up 18.8% on a year-over-year basis. Research analysts forecast that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were issued a dividend of $0.39 per share. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 4.09%. The ex-dividend date was Thursday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is currently 51.15%.

Hedge Funds Weigh In On Synovus Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Synovus Financial in the 4th quarter valued at $77,209,000. AQR Capital Management LLC boosted its holdings in Synovus Financial by 226.5% in the fourth quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank’s stock valued at $54,573,000 after acquiring an additional 738,983 shares during the last quarter. FMR LLC increased its position in Synovus Financial by 3.6% in the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock worth $616,892,000 after purchasing an additional 415,201 shares during the period. Prudential Financial Inc. raised its holdings in Synovus Financial by 349.4% during the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank’s stock worth $27,108,000 after purchasing an additional 411,411 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in Synovus Financial by 5,495.2% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank’s stock valued at $17,924,000 after purchasing an additional 343,613 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

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.