Synovus Financial (NYSE:SNV) Receives New Coverage from Analysts at UBS Group

UBS Group assumed coverage on shares of Synovus Financial (NYSE:SNV – Get Rating) in a report issued on Wednesday morning, The Fly reports. The firm issued a neutral rating and a $33.00 price objective on the bank’s stock.

A number of other brokerages have also weighed in on SNV. DA Davidson boosted their price target on Synovus Financial from $42.50 to $45.50 in a research note on Friday, December 9th. Raymond James upped their target price on Synovus Financial from $45.00 to $46.00 and gave the company an outperform rating in a research report on Friday, January 20th. JPMorgan Chase & Co. dropped their target price on Synovus Financial from $45.00 to $43.00 and set an overweight rating on the stock in a research report on Tuesday, December 13th. Finally, Morgan Stanley assumed coverage on Synovus Financial in a research report on Monday, December 5th. They issued an equal weight rating and a $44.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $46.09.

Synovus Financial Price Performance

Shares of SNV stock opened at $27.32 on Wednesday. Synovus Financial has a fifty-two week low of $27.08 and a fifty-two week high of $52.22. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of 5.52, a PEG ratio of 1.91 and a beta of 1.37. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.91 and a current ratio of 0.92. The stock’s 50-day simple moving average is $39.85 and its 200-day simple moving average is $39.62.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Thursday, March 16th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Wednesday, March 15th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.34. This represents a $1.52 dividend on an annualized basis and a yield of 5.56%. Synovus Financial’s payout ratio is presently 30.71%.

Insider Buying and Selling at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 1,947 shares of the company’s stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $43.36, for a total transaction of $84,421.92. Following the completion of the transaction, the executive vice president now directly owns 9,314 shares of the company’s stock, valued at approximately $403,855.04. The sale was disclosed in a filing with the SEC, which is available at this link. 1.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SNV. Amundi acquired a new position in Synovus Financial in the 2nd quarter valued at $25,000. Lazard Asset Management LLC raised its stake in Synovus Financial by 64.8% in the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after purchasing an additional 318 shares during the last quarter. CWM LLC raised its stake in Synovus Financial by 93.7% in the 3rd quarter. CWM LLC now owns 1,071 shares of the bank’s stock valued at $40,000 after purchasing an additional 518 shares during the last quarter. CoreCap Advisors LLC acquired a new position in Synovus Financial in the 4th quarter valued at $48,000. Finally, Neo Ivy Capital Management acquired a new position in Synovus Financial in the 2nd quarter valued at $48,000. 79.89% of the stock is owned by institutional investors and hedge funds.

About Synovus Financial

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Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.