Brokerages Set Synovus Financial Corp. (NYSE:SNV) PT at $52.71

Synovus Financial Corp. (NYSE:SNV) has been assigned an average recommendation of “Moderate Buy” from the seventeen ratings firms that are presently covering the stock, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $52.71.

SNV has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their price target on Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. DA Davidson increased their price target on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Stephens raised their price objective on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Citigroup set a $59.00 price objective on Synovus Financial in a research note on Friday, October 18th. Finally, Evercore ISI raised their price objective on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th.

Synovus Financial Price Performance

Shares of SNV stock opened at $55.02 on Monday. Synovus Financial has a 1-year low of $29.34 and a 1-year high of $59.79. The stock’s 50-day moving average is $48.55 and its 200 day moving average is $43.87. The company has a market cap of $7.79 billion, a P/E ratio of 24.89, a PEG ratio of 2.02 and a beta of 1.37. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88.

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, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. During the same quarter last year, the company earned $0.84 earnings per share. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. Research analysts predict that Synovus Financial will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.76%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s payout ratio is currently 68.78%.

Institutional Trading of Synovus Financial

A number of institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake 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 buying an additional 229 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Synovus Financial by 7.0% in the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock valued at $151,000 after buying an additional 245 shares during the period. Dana Investment Advisors Inc. raised its holdings in shares of Synovus Financial by 0.7% in the 2nd 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 during the period. Pitcairn Co. raised its holdings in shares of Synovus Financial by 2.3% in the 1st quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock valued at $462,000 after buying an additional 261 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Synovus Financial by 18.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after buying an additional 298 shares during the period. 83.85% of the stock is 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.