Brokerages Set Synovus Financial Corp. (NYSE:SNV) Price Target at $56.00

Synovus Financial Corp. (NYSE:SNV) has earned a consensus recommendation of “Moderate Buy” from the eighteen research firms that are presently covering the stock, MarketBeat reports. Six equities research analysts have rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $56.00.

Several research analysts have commented on SNV shares. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a research note on Tuesday, September 17th. StockNews.com upgraded shares of Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. DA Davidson increased their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Barclays boosted their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, Piper Sandler increased their price target on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th.

Institutional Trading of Synovus Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SNV. V Square Quantitative Management LLC bought a new stake in shares of Synovus Financial in the 3rd quarter valued at $30,000. UMB Bank n.a. boosted its position in Synovus Financial by 87.2% during the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after acquiring an additional 348 shares during the last quarter. Quarry LP acquired a new stake in Synovus Financial during the 3rd quarter worth about $41,000. Innealta Capital LLC bought a new position in shares of Synovus Financial in the 2nd quarter worth about $43,000. Finally, Headlands Technologies LLC lifted its stake in shares of Synovus Financial by 404.8% in the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock valued at $55,000 after purchasing an additional 1,105 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Performance

Shares of NYSE:SNV opened at $54.16 on Friday. The company’s 50 day simple moving average is $52.71 and its 200 day simple moving average is $45.93. The stock has a market capitalization of $7.67 billion, a price-to-earnings ratio of 24.51, a price-to-earnings-growth ratio of 1.58 and a beta of 1.38. 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 has a 1 year low of $33.44 and a 1 year high of $59.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating 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 company had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. During the same quarter last year, the company posted $0.84 EPS. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, research analysts predict that Synovus Financial will post 4.37 EPS for the current fiscal year.

Synovus Financial Announces Dividend

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

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.