Synovus Financial (NYSE:SNV) Given New $50.00 Price Target at JPMorgan Chase & Co.

Synovus Financial (NYSE:SNV) had its price target cut by JPMorgan Chase & Co. from $54.00 to $50.00 in a research note released on Monday morning,Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

Several other research analysts have also recently commented on SNV. Raymond James cut Synovus Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Morgan Stanley cut their target price on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Barclays decreased their price target on shares of Synovus Financial from $66.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Wells Fargo & Company reduced their price objective on shares of Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Finally, Citigroup increased their target price on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Friday, January 17th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $56.17.

Synovus Financial Trading Down 2.7 %

Shares of SNV stock opened at $40.19 on Monday. Synovus Financial has a fifty-two week low of $34.66 and a fifty-two week high of $59.92. The company has a 50 day moving average price of $46.39 and a 200 day moving average price of $50.76. The stock has a market capitalization of $5.67 billion, a P/E ratio of 13.18, a price-to-earnings-growth ratio of 1.11 and a beta of 1.16. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, topping the consensus estimate of $1.11 by $0.19. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. Equities research analysts predict that Synovus Financial will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.88%. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial’s payout ratio is presently 43.70%.

Institutional Trading of Synovus Financial

Several institutional investors and hedge funds have recently bought and sold shares of SNV. Sanctuary Advisors LLC acquired a new position in Synovus Financial in the third quarter valued at $217,000. Franklin Resources Inc. boosted its stake in shares of Synovus Financial by 4.0% during the third quarter. Franklin Resources Inc. now owns 22,964 shares of the bank’s stock worth $1,069,000 after buying an additional 885 shares during the period. Oddo BHF Asset Management Sas purchased a new position in shares of Synovus Financial during the third quarter worth about $753,000. Nordea Investment Management AB increased its position in Synovus Financial by 3.8% in the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock valued at $14,261,000 after acquiring an additional 10,109 shares during the period. Finally, Harbor Capital Advisors Inc. raised its stake in Synovus Financial by 2.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank’s stock valued at $758,000 after acquiring an additional 302 shares during the last quarter. Hedge funds and other 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.