In a research report released Monday morning, the rating went from sell to hold.
Other brokerages have weighed in as well on SNV. Wells Fargo & Company reduced their target price for shares of Synovus Financial on Friday, April 21, from $55.00 down to $50.00. They also set an overweight rating. In a research report published on March 22nd, TheStreet downgraded shares of Synovus Financial to a C+ rating from a B rating. Goldman Sachs Group reduced their target price for shares of Synovus Financial to $39.00 from $46.00 and gave the stock a neutral rating in a research report on Thursday, 30th March. In a report published on April 24th, Janney Montgomery Scott upgraded shares of Synovus Financial to a Buy rating. The company's price target was set at $38.00. Morgan Stanley, in a report published on April 5th, lowered its price target for shares of Synovus Financial, from $44.00 down to $30.00, and assigned the company an equal weight rating. Five analysts gave the stock a buy or a hold rating, while four assigned a hold. Synovus Financial's 12-month low is $25.19, and its 12-month high is $44.91. The company's quick ratio is 0.93, its current ratio is 0.94, and it has a debt to equity ratio of 1.22. The company's simple moving-average for the past fifty days is $29.06, and its simple moving-average over the last two hundred days is $34.08.
The last time the bank announced its results was on April 19th. The bank posted $1.33 in earnings per share, exceeding analysts' expectations of $1.22 for the quarter by $0.11. Revenue for the quarter was $613.90 millions, which is higher than analyst expectations of $589.40. Synovus Financial's net margin was 28.04 % and its return on equity was 19.92%. Revenue for the company was up by 23.1% from the same period last year. In the same quarter last year, the company posted $1.08 in earnings per share. Analysts expect Synovus Financial to post 4.66 EPS this year.
Synovus Announces Financial Dividend
Recently, the company announced that it would be paying a quarterly dividend on Monday, 3rd July. Dividends will be paid to shareholders who were in the books on Thursday, 15th June. The ex-dividend day is Wednesday, 14th June. This is a dividend of $1.52 per year and a yield 4.99%. Synovus Financial has a dividend payout ratio of 29.46%.
Insiders Bet on the Future
On Thursday, 4th May, 4,600 shares were purchased. Stock was purchased at a cost of $26.30 on average per share with a value of $120 980.00. The chief executive now owns 86 939 shares worth $2 286,495.70. In other news, CFO Andrew J. Jr. Gregory purchased 2,000 shares in the firm's stock on Monday, 1st May. The stock was bought at a cost of $30.33 on average per share with a value of $60.660.00. After the acquisition was completed, the chief executive officer owns directly 28,809 shares worth $873,776.97. Kevin S. Blair, the CEO of the company, also acquired 4,600 shares in a deal that took place on Thursday, 4th May. The shares were purchased at a cost of approximately $26.30 each, for a total of $120,980.00. After the acquisition was completed, the CEO now owns directly 86,939 of the company's shares, valued at approximately $2,286,495.70. Insiders purchased 11,375 shares worth $309,411 in the past ninety-day period. Insiders hold 1.60% the company's shares.
Inflows of Institutional Capital and Outflows
Recently, hedge funds made some changes to the positions they hold in the stock. Ameritas Advisory Services LLC purchased a new stake of Synovus Financial in the first quarter, valued at about $27,000. Lazard Asset Management LLC increased its stake in Synovus Financial during the fourth-quarter by 64.8%. Lazard Asset Management LLC owns 809 of the bank’s shares valued at $30,000. This is after purchasing an additional 318 during the period. Proficio Capital Partners LLC purchased a new stake of Synovus Financial in the first quarter, valued at about $34,000. Belpointe Asset Management LLC increased its stake in Synovus Financial during the first quarter by 138.0%. Belpointe Asset Management LLC owns 1,095 of the bank’s stock, valued at $34,000. This is after purchasing an additional 635 stocks during the period. CoreCap Advisors LLC also acquired a stake in Synovus Financial valued at $48,000 during the fourth quarter. 78.37% is owned by institutional investors and hedge funds.
Synovus Financial Corp. is the holding company of Synovus Bank, which provides consumer and commercial banking services. It is divided into four segments, Community Banking (Community Banking), Wholesale Banking (Wholesale Banking), Consumer Banking (Consumer Banking) and Financial Management Services. Commercial banking services offered by the company include asset management and treasury, capital markets, institutional trust, commercial and financial loans, and commercial and real estate lending.
MarketBeat.com offers a FREE daily email newsletter