Synovus Financial (NYSE:SNV) Downgraded by Wells Fargo & Company

Wells Fargo & Company lowered shares of Synovus Financial (NYSE:SNV) from an overweight rating to an equal weight rating in a research report released on Tuesday morning, MarketBeat.com reports. They currently have $46.00 target price on the bank’s stock, down from their prior target price of $48.00.

SNV has been the topic of several other reports. Morgan Stanley upped their price target on Synovus Financial from $41.00 to $51.00 and gave the company an equal weight rating in a research report on Monday, August 5th. Jefferies Financial Group upped their price target on Synovus Financial from $44.00 to $47.00 and gave the company a buy rating in a research report on Wednesday, July 3rd. StockNews.com cut Synovus Financial from a hold rating to a sell rating in a research report on Thursday, September 12th. Truist Financial upped their price target on Synovus Financial from $50.00 to $52.00 and gave the company a buy rating in a research report on Friday, September 20th. Finally, Stephens upped their price target on Synovus Financial from $43.00 to $46.00 and gave the company an equal weight rating in a research report on Friday, July 19th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $47.44.

Synovus Financial Trading Up 0.5 %

NYSE SNV opened at $42.74 on Tuesday. Synovus Financial has a one year low of $24.40 and a one year high of $47.83. The business’s fifty day moving average is $44.01 and its 200-day moving average is $40.73. The stock has a market capitalization of $6.26 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 3.29 and a beta of 1.39. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The business had revenue of $563.60 million for the quarter, compared to analysts’ expectations of $543.52 million. During the same period in the previous year, the business posted $1.16 EPS. The firm’s quarterly revenue was down .7% compared to the same quarter last year. Equities research analysts predict that Synovus Financial will post 4.21 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 3.56%. Synovus Financial’s dividend payout ratio (DPR) is 52.05%.

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction of $28,366.80. Following the sale, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at $685,284.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP lifted its position in shares of Synovus Financial by 56.9% during the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after buying an additional 2,843,488 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Synovus Financial by 9.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after buying an additional 491,036 shares in the last quarter. First Trust Advisors LP lifted its holdings in Synovus Financial by 4.0% in the 4th quarter. First Trust Advisors LP now owns 1,410,088 shares of the bank’s stock worth $53,090,000 after purchasing an additional 53,974 shares in the last quarter. Millennium Management LLC lifted its holdings in Synovus Financial by 181.0% in the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after purchasing an additional 838,932 shares in the last quarter. Finally, Wedge Capital Management L L P NC lifted its holdings in Synovus Financial by 14.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after purchasing an additional 148,842 shares in the last quarter. 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.