Stephens Boosts Synovus Financial (NYSE:SNV) Price Target to $52.00

Synovus Financial (NYSE:SNV) had its target price raised by Stephens from $46.00 to $52.00 in a research report released on Friday, Benzinga reports. The firm currently has an equal weight rating on the bank’s stock.

Several other brokerages also recently commented on SNV. Piper Sandler lifted their target price on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Wells Fargo & Company cut Synovus Financial from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $48.00 to $46.00 in a research report on Tuesday, October 1st. Jefferies Financial Group raised their target price on Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Citigroup initiated coverage on Synovus Financial in a research report on Thursday, October 10th. They issued a “buy” rating and a $53.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their price objective on Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research report on Friday. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and an average price target of $51.35.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $50.55 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market capitalization of $7.28 billion, a P/E ratio of 22.87, a P/E/G ratio of 2.36 and a beta of 1.38. The business has a 50-day moving average of $44.49 and a two-hundred day moving average of $41.31. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $51.69.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. During the same period in the previous year, the company earned $0.84 EPS. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, equities research analysts predict that Synovus Financial will post 4.04 EPS for the current fiscal year.

Synovus Financial Announces Dividend

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

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the sale, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at $685,284.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Synovus Financial

Several large investors have recently bought and sold shares of the business. GAMMA Investing LLC raised its position in shares of Synovus Financial by 22.4% during the 1st quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock valued at $120,000 after acquiring an additional 548 shares during the last quarter. Mather Group LLC. bought a new stake in Synovus Financial in the first quarter valued at about $144,000. Cooper Financial Group acquired a new position in Synovus Financial in the first quarter valued at about $203,000. Asio Capital LLC boosted its holdings in Synovus Financial by 1.1% during the first quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock worth $5,141,000 after buying an additional 1,428 shares during the last quarter. Finally, State of Michigan Retirement System grew its position in shares of Synovus Financial by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock worth $1,438,000 after buying an additional 800 shares during the period. 83.85% of the stock is currently 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.