Synovus Financial (NYSE:SNV) Price Target Raised to $64.00 at Piper Sandler

Synovus Financial (NYSE:SNV) had its target price hoisted by Piper Sandler from $56.00 to $64.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Several other research analysts have also recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Barclays boosted their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a research report on Tuesday, September 17th. 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 report on Tuesday, December 3rd. Finally, Citigroup set a $59.00 price objective on Synovus Financial in a research note on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Synovus Financial currently has an average rating of “Moderate Buy” and a consensus price target of $56.00.

Synovus Financial Stock Down 1.0 %

Shares of SNV stock opened at $54.15 on Wednesday. The stock has a 50 day moving average of $52.71 and a 200 day moving average of $45.82. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The stock has a market cap of $7.67 billion, a P/E ratio of 24.50, a P/E/G ratio of 1.64 and a beta of 1.38. Synovus Financial has a twelve month low of $33.44 and a twelve month high of $59.92.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.14. The company had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. Synovus Financial’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the business earned $0.84 earnings per share. As a group, sell-side analysts expect that Synovus Financial will post 4.37 EPS for the current year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be issued a $0.38 dividend. The ex-dividend date is Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.81%. Synovus Financial’s dividend payout ratio is presently 68.78%.

Institutional Investors Weigh In On Synovus Financial

Large investors have recently bought and sold shares of the stock. V Square Quantitative Management LLC purchased a new stake in Synovus Financial during the 3rd quarter worth about $30,000. UMB Bank n.a. increased its holdings in Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after purchasing an additional 348 shares during the period. Quarry LP purchased a new stake in Synovus Financial during the 3rd quarter worth about $41,000. Innealta Capital LLC purchased a new stake in Synovus Financial during the 2nd quarter worth about $43,000. Finally, Brooklyn Investment Group purchased a new stake in Synovus Financial during the 3rd quarter worth about $56,000. 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.