Synovus Financial (NYSE:SNV) Given New $57.00 Price Target at Bank of America

Synovus Financial (NYSE:SNV) had its target price upped by Bank of America from $48.00 to $57.00 in a report released on Friday morning, Benzinga reports. The firm currently has a buy rating on the bank’s stock.

A number of other research firms have also recently weighed in on SNV. DA Davidson raised their price target on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a report on Friday. Truist Financial raised their target price on Synovus Financial from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research report on Tuesday, September 17th. Wells Fargo & Company cut shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $48.00 to $46.00 in a research report on Tuesday, October 1st. Finally, Evercore ISI reduced their target price on shares of Synovus Financial from $50.00 to $48.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 2nd. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $51.35.

Synovus Financial Stock Down 0.6 %

Shares of NYSE:SNV opened at $50.55 on Friday. The company has a market capitalization of $7.28 billion, a PE ratio of 22.87, a P/E/G ratio of 2.36 and a beta of 1.38. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89. The company’s fifty day moving average is $44.49 and its 200-day moving average is $41.31. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $51.69.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data 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 net margin of 10.82% and a return on equity of 13.43%. The firm had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. During the same period in the prior year, the firm earned $0.84 earnings per share. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. Equities research analysts predict that Synovus Financial will post 4.04 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

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

Insider Activity

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction on 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 directly owns 14,833 shares in the company, valued at approximately $685,284.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Synovus Financial

A number of hedge funds have recently modified their holdings of the business. V Square Quantitative Management LLC bought a new stake in Synovus Financial during the 3rd quarter worth approximately $30,000. UMB Bank n.a. boosted its holdings in shares of Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after buying an additional 348 shares during the period. Innealta Capital LLC acquired a new stake in shares of Synovus Financial during the second quarter worth $43,000. Abich Financial Wealth Management LLC grew its holdings in shares of Synovus Financial by 43.5% during the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after buying an additional 371 shares in the last quarter. Finally, Fidelis Capital Partners LLC acquired a new stake in Synovus Financial in the 1st quarter valued at approximately $51,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

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.