Synovus Financial (NYSE:SNV) Downgraded by Raymond James to Market Perform

Raymond James cut shares of Synovus Financial (NYSE:SNV) from an outperform rating to a market perform rating in a report published on Wednesday, MarketBeat.com reports.

Several other equities research analysts have also weighed in on SNV. Citigroup increased their price objective on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Piper Sandler raised their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a research note on Monday, December 9th. They set a “buy” rating and a $64.00 price objective for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $64.00 target price on shares of Synovus Financial in a research note on Thursday, December 12th. Finally, UBS Group assumed coverage on shares of Synovus Financial in a research report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price target for the company. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Synovus Financial has a consensus rating of “Moderate Buy” and an average price target of $58.67.

Synovus Financial Stock Down 4.7 %

NYSE SNV opened at $38.21 on Wednesday. The stock has a market cap of $5.39 billion, a PE ratio of 12.53, a P/E/G ratio of 1.11 and a beta of 1.16. The business has a 50 day moving average price of $50.40 and a two-hundred day moving average price of $51.04. Synovus Financial has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The company had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Synovus Financial’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.80 EPS. As a group, sell-side analysts predict that Synovus Financial will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, March 20th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 4.08%. Synovus Financial’s dividend payout ratio (DPR) is presently 51.15%.

Hedge Funds Weigh In On Synovus Financial

Hedge funds have recently modified their holdings of the stock. Colonial Trust Co SC raised its position in Synovus Financial by 554.4% during the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock valued at $30,000 after acquiring an additional 499 shares in the last quarter. Keystone Financial Group Inc. bought a new position in shares of Synovus Financial during the 4th quarter valued at $37,000. Quarry LP acquired a new stake in shares of Synovus Financial in the 3rd quarter valued at $41,000. Jones Financial Companies Lllp boosted its holdings in Synovus Financial by 72.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after purchasing an additional 461 shares in the last quarter. Finally, V Square Quantitative Management LLC increased its position in Synovus Financial by 69.3% during the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after buying an additional 466 shares during the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

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.