Synovus Financial (NYSE:SNV) Stock Price Down 5.8%

Synovus Financial Corp. (NYSE:SNV – Get Rating) shares traded down 5.8% on Friday . The stock traded as low as $27.94 and last traded at $28.15. 392,446 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 1,448,206 shares. The stock had previously closed at $29.88.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. UBS Group assumed coverage on Synovus Financial in a research report on Wednesday. They issued a “neutral” rating and a $33.00 price objective for the company. DA Davidson increased their price objective on Synovus Financial from $42.50 to $45.50 in a research report on Friday, December 9th. Morgan Stanley started coverage on Synovus Financial in a research report on Monday, December 5th. They issued an “equal weight” rating and a $44.00 price objective for the company. JPMorgan Chase & Co. reduced their target price on Synovus Financial from $45.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 13th. Finally, Raymond James raised their target price on Synovus Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, January 20th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Synovus Financial currently has an average rating of “Moderate Buy” and a consensus price target of $46.09.

Synovus Financial Stock Down 8.6 %

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 firm has a 50 day simple moving average of $39.85 and a 200-day simple moving average of $39.62. The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of 5.52, a price-to-earnings-growth ratio of 1.87 and a beta of 1.37.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Thursday, March 16th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Wednesday, March 15th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.34. This represents a $1.52 dividend on an annualized basis and a dividend yield of 5.56%. Synovus Financial’s dividend payout ratio (DPR) is 30.71%.

Insider Activity

In related news, EVP Thomas T. Dierdorff sold 1,947 shares of the firm’s stock in a transaction dated Friday, February 10th. The stock was sold at an average price of $43.36, for a total value of $84,421.92. Following the transaction, the executive vice president now owns 9,314 shares in the company, valued at $403,855.04. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Amundi bought a new position in shares of Synovus Financial during the 2nd quarter valued at about $25,000. Lazard Asset Management LLC lifted its holdings in shares of 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 in the last quarter. CWM LLC lifted its holdings in shares of Synovus Financial by 93.7% during the 3rd quarter. CWM LLC now owns 1,071 shares of the bank’s stock valued at $40,000 after purchasing an additional 518 shares in the last quarter. CoreCap Advisors LLC bought a new position in shares of Synovus Financial during the 4th quarter valued at about $48,000. Finally, Neo Ivy Capital Management bought a new position in shares of Synovus Financial during the 2nd quarter valued at about $48,000. Institutional investors own 79.89% of the company’s stock.

Synovus Financial Company Profile

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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.