Research Analysts’ Recent Ratings Changes for Synovus Financial (SNV)

A number of research firms have changed their ratings and price targets for Synovus Financial (NYSE: SNV):

• 4/22/2024 – Synovus Financial had its “equal weight” rating reaffirmed by analysts at Morgan Stanley. They now have a $37.00 price target on the stock.
• 4/22/2024 – Synovus Financial had its price target lowered by analysts at Truist Financial Co. from $45.00 to $39.00. They now have a “buy” rating on the stock.
• 4/19/2024 – Synovus Financial had its price target lowered by analysts at Piper Sandler from $46.00 to $42.00. They now have an “overweight” rating on the stock.
• 4/19/2024 – Synovus Financial had its price target lowered by analysts at JPMorgan Chase & Co. from $50.00 to $48.00. They now have an “overweight” rating on the stock.
• 4/19/2024 – Synovus Financial had its price target lowered by analysts at Wells Fargo & Company from $42.00 to $40.00. They now have an “overweight” rating on the stock.
• 4/19/2024 – Synovus Financial had its price target lowered by analysts at Royal Bank of Canada from $44.00 to $41.00. They now have an “outperform” rating on the stock.
• 4/19/2024 – Synovus Financial had its price target lowered by analysts at The Goldman Sachs Group, Inc. from $46.00 to $41.00. They now have a “neutral” rating on the stock.
• 4/19/2024 – Synovus Financial had its “market perform” rating reaffirmed by analysts at Keefe, Bruyette & Woods. They now have a $38.00 price target on the stock, down previously from $46.00.
• 4/19/2024 – Synovus Financial had its price target lowered by analysts at Barclays PLC from $42.00 to $39.00. They now have an “equal weight” rating on the stock.
• 4/19/2024 – Synovus Financial had its price target lowered by analysts at DA Davidson from $45.00 to $43.00. They now have a “buy” rating on the stock.
• 4/19/2024 – Synovus Financial had its price target lowered by analysts at Bank of America Co. from $44.00 to $40.00. They now have a “buy” rating on the stock.
• 4/18/2024 – Synovus Financial was downgraded by analysts at Raymond James from a “strong-buy” rating to a “market perform” rating.
• 4/10/2024 – Synovus Financial had its price target raised by analysts at Wells Fargo & Company from $40.00 to $42.00. They now have an “overweight” rating on the stock.
• 4/9/2024 – Synovus Financial had its price target raised by analysts at Royal Bank of Canada from $42.00 to $44.00. They now have an “outperform” rating on the stock.
• 4/8/2024 – Synovus Financial had its price target lowered by analysts at Jefferies Financial Group Inc. from $46.00 to $43.00. They now have a “buy” rating on the stock.
• 4/4/2024 – Synovus Financial had its price target raised by analysts at JPMorgan Chase & Co. from $46.00 to $50.00. They now have an “overweight” rating on the stock.
• 4/1/2024 – Synovus Financial had its price target raised by analysts at Truist Financial Co. from $42.00 to $45.00. They now have a “buy” rating on the stock.
• 3/28/2024 – Synovus Financial had its price target raised by analysts at Evercore ISI from $40.00 to $42.00. They now have an “in-line” rating on the stock.
• 3/8/2024 – Synovus Financial is now covered by analysts at Barclays PLC. They set an “equal weight” rating and a $42.00 price target on the stock.

Synovus Financial Trading Down 0.1 %

NYSE SNV traded down $0.04 during mid-day trading on Wednesday, reaching $36.59. 178,340 shares of the stock were exchanged, compared to its average volume of 1,501,006. Synovus Financial Corp. has a one year low of $24.40 and a one year high of $40.92. The stock has a 50 day simple moving average of $37.91 and a 200-day simple moving average of $34.76. The stock has a market cap of $5.36 billion, a P/E ratio of 12.53, a P/E/G ratio of 4.09 and a beta of 1.40. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share 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 the consensus estimate of $547.62 million. During the same period last year, the firm posted $1.33 earnings per share. The company’s revenue for the quarter was down 12.4% on a year-over-year basis. On average, analysts anticipate that Synovus Financial Corp. will post 3.79 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s dividend payout ratio is currently 52.05%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SNV. Wellington Management Group LLP boosted its holdings in Synovus Financial by 56.9% during the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock worth $295,127,000 after purchasing an additional 2,843,488 shares during the last quarter. Channing Capital Management LLC purchased a new position in Synovus Financial during the fourth quarter worth about $72,201,000. Norges Bank purchased a new position in Synovus Financial during the fourth quarter worth about $59,941,000. North Reef Capital Management LP boosted its holdings in Synovus Financial by 52.7% during the third quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after purchasing an additional 1,548,370 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Synovus Financial by 24.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock worth $194,951,000 after purchasing an additional 1,016,231 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.