Barclays Boosts Synovus Financial (NYSE:SNV) Price Target to $56.00

Synovus Financial (NYSE:SNV) had its price target increased by Barclays from $49.00 to $56.00 in a research report released on Friday, Benzinga reports. They currently have an overweight rating on the bank’s stock.

A number of other research analysts have also issued reports on SNV. DA Davidson boosted their target price on Synovus Financial from $47.00 to $55.00 and gave the company a “buy” rating in a report on Friday, July 19th. Truist Financial boosted their price objective on shares of Synovus Financial from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Jefferies Financial Group raised their target price on shares of Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Citigroup began coverage on shares of Synovus Financial in a research note on Thursday, October 10th. They set a “buy” rating and a $53.00 price target on the stock. Finally, Piper Sandler raised their price objective on shares of Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.35.

Synovus Financial Stock Down 0.6 %

SNV stock opened at $50.55 on Friday. The company has a market cap of $7.28 billion, a price-to-earnings ratio of 22.87, a price-to-earnings-growth ratio of 2.36 and a beta of 1.38. The company has a fifty day moving average price of $44.49 and a 200 day moving average price of $41.31. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $51.69.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $557.64 million. During the same period in the prior year, the company earned $0.84 earnings per share. The business’s revenue was up 2.6% compared to the same quarter last year. Sell-side analysts expect that Synovus Financial will post 4.04 earnings per share for the current year.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 3.01%. Synovus Financial’s payout ratio is 68.78%.

Insider Buying and Selling

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the sale, the executive vice president now owns 14,833 shares of the company’s stock, valued at $685,284.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

Institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC raised its stake in Synovus Financial by 22.4% in the 1st quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock valued at $120,000 after purchasing an additional 548 shares during the last quarter. Mather Group LLC. acquired a new position in shares of Synovus Financial in the first quarter valued at approximately $144,000. Cooper Financial Group purchased a new position in shares of Synovus Financial during the first quarter valued at approximately $203,000. Asio Capital LLC lifted its stake in shares of Synovus Financial by 1.1% during the first quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock valued at $5,141,000 after buying an additional 1,428 shares during the period. Finally, State of Michigan Retirement System boosted its position in Synovus Financial by 2.3% during the first quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock worth $1,438,000 after acquiring an additional 800 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

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.