Wells Fargo & Company Lowers Synovus Financial (NYSE:SNV) Price Target to $50.00

Synovus Financial (NYSE:SNV - Free Report) had its price objective reduced by Wells Fargo & Company from $60.00 to $50.00 in a research note released on Wednesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the bank's stock.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler upped their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 11th. UBS Group initiated 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 for the company. Morgan Stanley reduced their target price on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a report on Thursday, March 13th. Raymond James cut Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $64.00 price objective on shares of Synovus Financial in a research note on Thursday, December 12th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $58.17.

Synovus Financial Stock Performance

Shares of SNV traded up $0.44 during midday trading on Wednesday, reaching $40.04. 2,080,551 shares of the stock were exchanged, compared to its average volume of 1,440,790. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock's 50 day simple moving average is $48.20 and its 200 day simple moving average is $50.87. Synovus Financial has a twelve month low of $33.44 and a twelve month high of $59.92. The company has a market cap of $5.64 billion, a P/E ratio of 13.13, a PEG ratio of 1.11 and a beta of 1.16.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.16 by $0.09. The firm had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business's revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.80 EPS. On average, sell-side analysts expect that Synovus Financial will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were issued a $0.39 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 annualized dividend and a yield of 3.90%. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's dividend payout ratio is presently 51.15%.

Hedge Funds Weigh In On Synovus Financial

A number of institutional investors have recently modified their holdings of the company. Montgomery Investment Management Inc. raised its holdings in Synovus Financial by 0.6% during the fourth quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank's stock worth $2,177,000 after buying an additional 235 shares during the last quarter. Sound View Wealth Advisors Group LLC increased its holdings in Synovus Financial by 3.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank's stock worth $407,000 after purchasing an additional 241 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. lifted its holdings in shares of Synovus Financial by 0.3% in the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank's stock valued at $5,301,000 after purchasing an additional 270 shares in the last quarter. Wedmont Private Capital boosted its position in shares of Synovus Financial by 3.3% during the fourth quarter. Wedmont Private Capital now owns 9,401 shares of the bank's stock valued at $479,000 after buying an additional 299 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its position in Synovus Financial by 2.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank's stock valued at $758,000 after buying an additional 302 shares during the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

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.