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

Synovus Financial (NYSE:SNV - Free Report) had its price target trimmed by JPMorgan Chase & Co. from $63.00 to $60.50 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an overweight rating on the bank's stock.

Several other research analysts also recently commented on SNV. Morgan Stanley raised their target price on Synovus Financial from $51.00 to $55.00 and gave the stock an "equal weight" rating in a research note on Monday, October 21st. Stephens raised 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. StockNews.com raised Synovus Financial from a "sell" rating to a "hold" rating in a report on Friday, October 18th. Wells Fargo & Company raised their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 3rd. Finally, Raymond James upgraded shares of Synovus Financial from a "market perform" rating to an "outperform" rating and set a $49.00 target price for the company in a research report on Tuesday, September 17th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Synovus Financial has an average rating of "Moderate Buy" and an average price target of $57.86.

Synovus Financial Stock Down 0.6 %

SNV traded down $0.34 during midday trading on Tuesday, reaching $52.43. 1,242,542 shares of the company were exchanged, compared to its average volume of 1,089,203. The company 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. Synovus Financial has a one year low of $33.44 and a one year high of $59.92. The company's fifty day moving average price is $54.05 and its 200 day moving average price is $47.51. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share 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 business had revenue of $564.72 million for the quarter, compared to analysts' expectations of $557.64 million. During the same period in the previous year, the company earned $0.84 earnings per share. The firm's revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, analysts expect that Synovus Financial will post 4.37 EPS for the current year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date was Thursday, December 19th. Synovus Financial's payout ratio is presently 68.78%.

Institutional Trading of Synovus Financial

Large investors have recently added to or reduced their stakes in the company. Nordea Investment Management AB increased its position in Synovus Financial by 3.8% in the fourth quarter. Nordea Investment Management AB now owns 276,863 shares of the bank's stock worth $14,261,000 after purchasing an additional 10,109 shares during the last quarter. Oddo BHF Asset Management Sas purchased a new position in shares of Synovus Financial in the 3rd quarter worth $753,000. Franklin Resources Inc. increased its holdings in shares of Synovus Financial by 4.0% in the 3rd quarter. Franklin Resources Inc. now owns 22,964 shares of the bank's stock worth $1,069,000 after buying an additional 885 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Synovus Financial in the 3rd quarter valued at about $217,000. Finally, Teachers Retirement System of The State of Kentucky grew its position in Synovus Financial by 6.6% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 120,386 shares of the bank's stock worth $5,353,000 after acquiring an additional 7,449 shares in the last quarter. Institutional investors 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.