Citigroup Issues Positive Forecast for Synovus Financial (NYSE:SNV) Stock Price

Synovus Financial (NYSE:SNV) had its price target increased by Citigroup from $59.00 to $62.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a buy rating on the bank’s stock.

Other analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft began coverage on Synovus Financial in a report on Monday, December 9th. They set a “buy” rating and a $64.00 price objective for the company. Piper Sandler boosted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. DA Davidson raised their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Barclays upped their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Finally, Evercore ISI raised their price target on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. 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, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

Synovus Financial Stock Performance

Shares of Synovus Financial stock opened at $54.60 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The firm has a 50 day simple moving average of $54.23 and a 200 day simple moving average of $48.30. Synovus Financial has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The firm has a market cap of $7.73 billion, a P/E ratio of 24.70, a P/E/G ratio of 1.31 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating the consensus estimate of $1.16 by $0.09. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. During the same period last year, the firm earned $0.80 EPS. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. Sell-side analysts predict that Synovus Financial will post 4.39 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.78%. 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

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. V Square Quantitative Management LLC bought a new position in Synovus Financial during the 3rd quarter worth about $30,000. UMB Bank n.a. grew its holdings in shares of Synovus Financial by 87.2% during the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after buying an additional 348 shares in the last quarter. Quarry LP acquired a new stake in Synovus Financial in the 3rd quarter valued at approximately $41,000. Brooklyn Investment Group bought a new stake in Synovus Financial in the 3rd quarter valued at approximately $56,000. Finally, Farther Finance Advisors LLC boosted its position in Synovus Financial by 474.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock worth $65,000 after acquiring an additional 1,211 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.