Synovus Financial Corp. (NYSE:SNV) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Synovus Financial Corp. (NYSE:SNV) have been given a consensus rating of “Moderate Buy” by the eighteen brokerages that are presently covering the company, Marketbeat.com reports. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $58.44.

SNV has been the subject of several recent research reports. Barclays boosted their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. The Goldman Sachs Group increased their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. DA Davidson upped their target price on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 18th. JPMorgan Chase & Co. upped their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Finally, Truist Financial increased their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, October 21st.

Institutional Trading of Synovus Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Creative Planning grew its stake in shares of Synovus Financial by 18.3% in the second quarter. Creative Planning now owns 43,392 shares of the bank’s stock valued at $1,744,000 after buying an additional 6,710 shares in the last quarter. Dana Investment Advisors Inc. grew its stake in shares of Synovus Financial by 0.7% in the second quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock valued at $1,437,000 after buying an additional 254 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Synovus Financial by 21.6% in the third quarter. SG Americas Securities LLC now owns 11,307 shares of the bank’s stock valued at $503,000 after buying an additional 2,007 shares in the last quarter. Handelsbanken Fonder AB boosted its position in Synovus Financial by 46.7% during the third quarter. Handelsbanken Fonder AB now owns 37,372 shares of the bank’s stock worth $1,662,000 after purchasing an additional 11,900 shares during the period. Finally, GAMMA Investing LLC boosted its position in Synovus Financial by 6.5% during the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after purchasing an additional 229 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Stock Performance

SNV stock opened at $56.55 on Friday. 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 company has a market capitalization of $8.01 billion, a price-to-earnings ratio of 18.54, a P/E/G ratio of 1.17 and a beta of 1.39. Synovus Financial has a 12 month low of $33.44 and a 12 month high of $59.92. The firm has a 50 day moving average of $53.89 and a two-hundred day moving average of $49.56.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping the consensus estimate of $1.16 by $0.09. The company had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.80 earnings per share. As a group, equities analysts anticipate that Synovus Financial will post 4.86 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.52 annualized dividend and a yield of 2.69%. Synovus Financial’s dividend payout ratio (DPR) is currently 49.84%.

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.