JPMorgan Chase & Co. Lowers Synovus Financial (NYSE:SNV) Price Target to $60.50

Synovus Financial (NYSE:SNV) had its price target decreased by JPMorgan Chase & Co. from $63.00 to $60.50 in a research report released on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the bank’s stock.

Other analysts have also issued reports about the stock. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a research report on Tuesday, September 17th. Citigroup set a $59.00 price target on shares of Synovus Financial in a research report on Friday, October 18th. Bank of America raised their price objective on shares of Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Friday, October 18th. UBS Group began coverage on shares of Synovus Financial in a research report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price objective on the stock. Finally, Stephens increased their price target on Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $57.86.

Synovus Financial Stock Performance

NYSE:SNV opened at $52.43 on Tuesday. Synovus Financial has a twelve month low of $33.44 and a twelve month high of $59.92. The company has a 50-day moving average of $54.10 and a 200-day moving average of $47.62. The firm has a market cap of $7.43 billion, a price-to-earnings ratio of 23.72, a price-to-earnings-growth ratio of 1.58 and a beta of 1.39. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same period last year, the company posted $0.84 earnings per share. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. Analysts forecast that Synovus Financial will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

Institutional Investors Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC increased its holdings in Synovus Financial by 5.4% in the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after buying an additional 598,644 shares during the period. Wellington Management Group LLP increased its holdings in Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after buying an additional 1,095,557 shares during the period. State Street Corp increased its holdings in Synovus Financial by 3.2% in the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after buying an additional 201,362 shares during the period. Dimensional Fund Advisors LP increased its holdings in Synovus Financial by 9.3% in 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 during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Synovus Financial by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock valued at $222,022,000 after buying an additional 147,599 shares during the period. Institutional investors own 83.85% of the company’s stock.

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.