Synovus Financial (NYSE:SNV) Given New $58.00 Price Target at JPMorgan Chase & Co.

Synovus Financial (NYSE:SNV) had its target price decreased by JPMorgan Chase & Co. from $65.00 to $58.00 in a research note issued to investors on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the bank’s stock.

A number of other equities research analysts also recently commented on the stock. Truist Financial lowered their price target on shares of Synovus Financial from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, September 24th. Wells Fargo & Company reiterated an “equal weight” rating and set a $58.00 price target (down from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Morgan Stanley lifted their price target on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an “equal weight” rating in a report on Friday, July 18th. Keefe, Bruyette & Woods downgraded shares of Synovus Financial from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $65.00 to $50.00 in a report on Tuesday, August 12th. Finally, Stephens lowered their price target on shares of Synovus Financial from $60.00 to $54.00 and set an “equal weight” rating for the company in a report on Tuesday, July 29th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $58.50.

Synovus Financial Stock Performance

NYSE:SNV opened at $48.63 on Wednesday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77. The firm has a 50-day moving average price of $49.99 and a two-hundred day moving average price of $48.43. Synovus Financial has a twelve month low of $35.94 and a twelve month high of $61.06. The company has a market capitalization of $6.75 billion, a P/E ratio of 9.33, a price-to-earnings-growth ratio of 0.82 and a beta of 1.21.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.23. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. The firm had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. During the same period last year, the firm posted $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. As a group, research analysts expect that Synovus Financial will post 4.89 earnings per share for the current fiscal 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 given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Thursday, September 18th. Synovus Financial’s payout ratio is 29.94%.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, CFO Andrew J. Jr. Gregory purchased 2,000 shares of Synovus Financial stock in a transaction on Tuesday, July 29th. The shares were purchased at an average cost of $48.90 per share, with a total value of $97,800.00. Following the completion of the transaction, the chief financial officer directly owned 58,220 shares in the company, valued at approximately $2,846,958. This represents a 3.56% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Diana M. Murphy bought 1,000 shares of Synovus Financial stock in a transaction dated Tuesday, July 29th. The shares were purchased at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the completion of the transaction, the director owned 40,171 shares of the company’s stock, valued at approximately $1,960,344.80. This represents a 2.55% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders bought 8,040 shares of company stock valued at $392,916. 1.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Synovus Financial

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Elevation Point Wealth Partners LLC bought a new stake in shares of Synovus Financial in the second quarter worth $31,000. Armstrong Advisory Group Inc. bought a new stake in shares of Synovus Financial in the second quarter worth $41,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Synovus Financial in the first quarter worth $47,000. IFP Advisors Inc increased its stake in shares of Synovus Financial by 650.4% in the second quarter. IFP Advisors Inc now owns 1,058 shares of the bank’s stock worth $60,000 after buying an additional 917 shares during the last quarter. Finally, Cullen Frost Bankers Inc. bought a new stake in shares of Synovus Financial in the second quarter worth $60,000. 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.