Synovus Financial (NYSE:SNV) Earns Equal Weight Rating from Stephens

Stephens reiterated their equal weight rating on shares of Synovus Financial (NYSE:SNV) in a research note published on Tuesday morning, Benzinga reports. Stephens currently has a $38.00 price objective on the bank’s stock.

Several other research analysts have also recently issued reports on the company. The Goldman Sachs Group lowered their price objective on Synovus Financial from $46.00 to $41.00 and set a neutral rating for the company in a research report on Friday, April 19th. Wells Fargo & Company cut their price objective on shares of Synovus Financial from $42.00 to $40.00 and set an overweight rating on the stock in a report on Friday, April 19th. StockNews.com downgraded shares of Synovus Financial from a hold rating to a sell rating in a research report on Thursday, February 15th. Evercore ISI boosted their price target 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. Finally, Royal Bank of Canada dropped 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. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial presently has a consensus rating of Hold and an average target price of $41.50.

Synovus Financial Trading Down 0.8 %

SNV opened at $38.39 on Tuesday. The business has a fifty day moving average price of $37.95 and a 200 day moving average price of $35.48. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market capitalization of $5.62 billion, a price-to-earnings ratio of 13.15, a PEG ratio of 4.48 and a beta of 1.41. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $40.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20). The firm had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company’s revenue was down 12.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.33 EPS. Sell-side analysts expect that Synovus Financial will post 3.76 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 annualized dividend and a dividend yield of 3.96%. Synovus Financial’s payout ratio is currently 52.05%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SNV. FMR LLC increased its stake in shares of Synovus Financial by 10.0% during the 3rd quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock worth $297,530,000 after purchasing an additional 977,155 shares in the last quarter. Wellington Management Group LLP increased its position 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 buying an additional 2,843,488 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Synovus Financial by 24.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock worth $194,951,000 after acquiring an additional 1,016,231 shares during the last quarter. North Reef Capital Management LP raised its holdings in shares of Synovus Financial by 52.7% in the third quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after acquiring an additional 1,548,370 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Synovus Financial by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,730,148 shares of the bank’s stock valued at $140,440,000 after acquiring an additional 21,041 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

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.