Synovus Financial (NYSE:SNV) Trading 4.5% Higher on Analyst Upgrade

Synovus Financial Corp. (NYSE:SNV) rose 4.5% during trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $48.00 to $49.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Synovus Financial traded as high as $39.66 and last traded at $39.64. Approximately 314,113 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 1,364,569 shares. The stock had previously closed at $37.95.

A number of other research analysts also recently commented on the stock. Evercore ISI raised their target price on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a research report on Thursday, March 28th. Raymond James lowered shares of Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday, April 18th. Barclays upgraded Synovus Financial from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $39.00 to $46.00 in a report on Monday, June 24th. Truist Financial cut their price target on Synovus Financial from $45.00 to $39.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. Finally, Jefferies Financial Group decreased their price objective 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 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. Based on data from MarketBeat, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.00.

Insiders Place Their Bets

In other Synovus Financial news, major shareholder Eli Samaha sold 172,889 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the sale, the insider now directly owns 1,293,259 shares of the company’s stock, valued at approximately $32,590,126.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Synovus Financial news, EVP D Wayne Akins, Jr. purchased 24,500 shares of the stock in a transaction on Friday, June 7th. The shares were bought at an average price of $37.40 per share, for a total transaction of $916,300.00. Following the completion of the transaction, the executive vice president now owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Eli Samaha sold 172,889 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $25.20, for a total value of $4,356,802.80. Following the completion of the sale, the insider now owns 1,293,259 shares of the company’s stock, valued at $32,590,126.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 179,712 shares of company stock valued at $4,528,878. 0.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Synovus Financial

Institutional investors have recently added to or reduced their stakes in the stock. UBS Group AG increased its holdings in shares of Synovus Financial by 1,135.3% in the third quarter. UBS Group AG now owns 80,578 shares of the bank’s stock valued at $2,240,000 after purchasing an additional 74,055 shares during the last quarter. Kestra Advisory Services LLC grew its stake in shares of Synovus Financial by 24.4% in the 3rd quarter. Kestra Advisory Services LLC now owns 17,119 shares of the bank’s stock valued at $476,000 after buying an additional 3,355 shares during the period. Federated Hermes Inc. increased its holdings in shares of Synovus Financial by 17.7% during the 3rd quarter. Federated Hermes Inc. now owns 24,784 shares of the bank’s stock worth $689,000 after buying an additional 3,735 shares during the last quarter. Qube Research & Technologies Ltd raised its position in shares of Synovus Financial by 1,020.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 448,010 shares of the bank’s stock valued at $12,455,000 after buying an additional 408,014 shares during the period. Finally, Caxton Associates LP acquired a new position in Synovus Financial in the third quarter valued at approximately $374,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Up 5.9 %

The firm has a 50-day moving average of $38.09 and a two-hundred day moving average of $37.78. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $5.89 billion, a PE ratio of 13.76, a price-to-earnings-growth ratio of 5.10 and a beta of 1.41.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. During the same quarter in the prior year, the company posted $1.33 earnings per share. The business’s revenue was down 12.4% compared to the same quarter last year. Equities research analysts predict that Synovus Financial Corp. will post 3.82 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Thursday, June 20th will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $1.52 dividend on an annualized basis and a yield of 3.78%. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

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.