Synovus Financial Corp. (NYSE:SNV) Receives $58.67 Average PT from Analysts

Synovus Financial Corp. (NYSE:SNV) has earned an average recommendation of “Moderate Buy” from the eighteen research firms that are presently covering the firm, MarketBeat reports. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $58.67.

SNV has been the topic of a number of recent analyst reports. Stephens reaffirmed an “equal weight” rating and issued a $58.00 target price on shares of Synovus Financial in a research report on Thursday, January 16th. UBS Group initiated coverage on Synovus Financial in a report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 target price for the company. Royal Bank of Canada restated an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a research note on Thursday, December 12th. Wells Fargo & Company boosted their price objective on 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, JPMorgan Chase & Co. raised their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th.

Synovus Financial Stock Performance

Shares of Synovus Financial stock opened at $47.47 on Friday. The stock has a market capitalization of $6.69 billion, a price-to-earnings ratio of 15.56, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The business has a 50-day moving average of $51.73 and a 200 day moving average of $51.04. Synovus Financial has a 12 month low of $33.44 and a 12 month high of $59.92.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The company had revenue of $580.58 million for 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 quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.80 EPS. As a group, sell-side analysts forecast that Synovus Financial will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date is Thursday, March 20th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio (DPR) is currently 51.15%.

Institutional Trading of Synovus Financial

Institutional investors have recently added to or reduced their stakes in the stock. Colonial Trust Co SC boosted its stake in shares of Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock worth $30,000 after acquiring an additional 499 shares in the last quarter. Keystone Financial Group Inc. acquired a new position in Synovus Financial during the fourth quarter worth $37,000. Quarry LP purchased a new stake in Synovus Financial during the third quarter worth $41,000. Brooklyn Investment Group acquired a new stake in Synovus Financial in the third quarter valued at $56,000. Finally, Jones Financial Companies Lllp increased its position in shares of Synovus Financial by 72.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after buying an additional 461 shares in the last quarter. Hedge funds and other 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.