Synovus Financial (NYSE:SNV) Hits New 1-Year High at $40.97

Synovus Financial Corp. (NYSE:SNV)’s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as $40.97 and last traded at $40.97, with a volume of 38729 shares trading hands. The stock had previously closed at $40.50.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on SNV shares. Royal Bank of Canada decreased their price objective on Synovus Financial from $44.00 to $41.00 and set an “outperform” rating on the stock in a report on Friday, April 19th. Wells Fargo & Company decreased their price objective on Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Friday, April 19th. Barclays upgraded Synovus Financial from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $39.00 to $46.00 in a report on Monday, June 24th. DA Davidson raised their price objective on Synovus Financial from $43.00 to $47.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Finally, Stephens restated an “equal weight” rating and set a $38.00 price objective on shares of Synovus Financial in a report on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Synovus Financial has an average rating of “Moderate Buy” and a consensus target price of $42.25.

Synovus Financial Stock Down 1.5 %

The stock has a market cap of $5.91 billion, a price-to-earnings ratio of 13.82, a PEG ratio of 5.51 and a beta of 1.40. 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 stock has a fifty day moving average of $38.34 and a two-hundred day moving average of $37.83.

Synovus Financial (NYSE:SNV) last released 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 net margin of 13.29% and a return on equity of 12.93%. The company had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. During the same period last year, the business earned $1.33 earnings per share. The company’s revenue for the quarter was down 12.4% compared to the same quarter last year. As a group, analysts predict that Synovus Financial Corp. will post 3.83 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Thursday, June 20th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.77%. The ex-dividend date was Thursday, June 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, major shareholder Eli Samaha sold 6,803 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total value of $171,571.66. Following the transaction, the insider now directly owns 1,466,493 shares of the company’s stock, valued at $36,984,953.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, major shareholder Eli Samaha sold 6,803 shares of Synovus Financial stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total transaction of $171,571.66. Following the sale, the insider now directly owns 1,466,493 shares of the company’s stock, valued at $36,984,953.46. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP D Wayne Akins, Jr. bought 24,500 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were acquired at an average cost 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 disclosure for this purchase can be found here. Insiders have sold 179,712 shares of company stock valued at $4,528,878 over the last three months. 0.81% of the stock is owned by company insiders.

Institutional Trading of Synovus Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. Allworth Financial LP increased its holdings in Synovus Financial by 333.5% in the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after buying an additional 557 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Synovus Financial in the fourth quarter valued at about $28,000. MeadowBrook Investment Advisors LLC bought a new stake in Synovus Financial in the fourth quarter valued at about $30,000. American National Bank bought a new stake in Synovus Financial in the fourth quarter valued at about $38,000. Finally, Tennessee Valley Asset Management Partners bought a new stake in Synovus Financial in the fourth quarter valued at about $42,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

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.