Synovus Financial (NYSE:SNV) Downgraded to “Market Perform” at Raymond James

Raymond James lowered shares of Synovus Financial (NYSE:SNV) from a strong-buy rating to a market perform rating in a research report released on Thursday morning, MarketBeat reports.

SNV has been the subject of a number of other reports. Wells Fargo & Company raised their price target on Synovus Financial from $40.00 to $42.00 and gave the stock an overweight rating in a research note on Wednesday, April 10th. Truist Financial raised their price target on Synovus Financial from $42.00 to $45.00 and gave the stock a buy rating in a research note on Monday, April 1st. Evercore ISI raised their price target on Synovus Financial from $40.00 to $42.00 and gave the stock an in-line rating in a research note on Thursday, March 28th. Morgan Stanley raised their price target on Synovus Financial from $29.00 to $37.00 and gave the stock an equal weight rating in a research note on Wednesday, February 7th. Finally, Jefferies Financial Group cut their price target on Synovus Financial from $46.00 to $43.00 and set a buy rating for the company in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Synovus Financial presently has a consensus rating of Moderate Buy and a consensus price target of $41.50.

Synovus Financial Stock Down 7.4 %

Shares of Synovus Financial stock opened at $33.92 on Thursday. The stock has a 50-day moving average price of $37.93 and a 200 day moving average price of $34.46. The company has a market cap of $4.97 billion, a P/E ratio of 11.62, a P/E/G ratio of 3.93 and a beta of 1.40. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $40.92.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, April 17th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a return on equity of 13.08% and a net margin of 13.29%. The business had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. During the same period in the prior year, the company posted $1.33 earnings per share. The firm’s revenue was down 12.4% on a year-over-year basis. As a group, analysts expect that Synovus Financial will post 4.05 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 4.48%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is currently 52.05%.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the sale, the director now owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the sale, the director now owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the sale, the executive vice president now directly owns 11,086 shares in the company, valued at approximately $423,817.78. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

Hedge funds have recently modified their holdings of the company. Allworth Financial LP lifted its position in shares of Synovus Financial by 333.5% in the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after acquiring an additional 557 shares during the period. International Assets Investment Management LLC bought a new position in shares of Synovus Financial during the 4th quarter worth approximately $28,000. MeadowBrook Investment Advisors LLC bought a new position in shares of Synovus Financial during the 4th quarter worth approximately $30,000. Lazard Asset Management LLC lifted its position 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 worth $30,000 after buying an additional 318 shares during the period. Finally, First Command Advisory Services Inc. bought a new position in shares of Synovus Financial during the 3rd quarter worth approximately $33,000. Institutional investors 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.