Synovus Financial (NYSE:SNV) Downgraded by Wells Fargo & Company

Wells Fargo & Company lowered shares of Synovus Financial (NYSE:SNV) from an overweight rating to an equal weight rating in a research report released on Tuesday morning, Marketbeat reports. The brokerage currently has $46.00 price objective on the bank’s stock, down from their prior price objective of $48.00.

Several other equities research analysts have also recently weighed in on the company. Truist Financial upped their target price on Synovus Financial from $50.00 to $52.00 and gave the stock a buy rating in a report on Friday, September 20th. Barclays upped their target price on Synovus Financial from $46.00 to $47.00 and gave the stock an overweight rating in a report on Friday, July 19th. JPMorgan Chase & Co. upped their price objective on Synovus Financial from $48.00 to $49.00 and gave the stock an overweight rating in a research note on Thursday, June 27th. DA Davidson upped their price objective on Synovus Financial from $47.00 to $55.00 and gave the stock a buy rating in a research note on Friday, July 19th. Finally, Raymond James upgraded Synovus Financial from a market perform rating to an outperform rating and set a $49.00 price objective for the company in a research note on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $47.44.

Synovus Financial Stock Up 0.5 %

Shares of SNV opened at $42.74 on Tuesday. The stock has a market capitalization of $6.26 billion, a price-to-earnings ratio of 14.64, a price-to-earnings-growth ratio of 3.29 and a beta of 1.39. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $47.83. The business’s 50 day simple moving average is $44.01 and its 200-day simple moving average is $40.73. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.20. The firm had revenue of $563.60 million for the quarter, compared to the consensus estimate of $543.52 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company’s revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.16 EPS. As a group, equities analysts expect that Synovus Financial will post 4.21 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.56%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s payout ratio is currently 52.05%.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the sale, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at $685,284.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Synovus Financial

Several hedge funds and other institutional investors have recently made changes to their positions in SNV. Nordea Investment Management AB lifted its position in Synovus Financial by 24.5% during the first quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock worth $13,233,000 after buying an additional 64,621 shares in the last quarter. &PARTNERS purchased a new position in Synovus Financial during the second quarter worth approximately $284,000. Texas Permanent School Fund Corp increased its stake in Synovus Financial by 19.6% during the second quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after acquiring an additional 25,028 shares during the last quarter. Eventide Asset Management LLC acquired a new stake in Synovus Financial during the fourth quarter worth $968,000. Finally, Private Capital Management LLC increased its stake in Synovus Financial by 6.2% during the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock worth $14,644,000 after acquiring an additional 21,456 shares during the last quarter. Hedge funds and other 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.