Synovus Financial (NYSE:SNV) Coverage Initiated at UBS Group

UBS Group assumed coverage on shares of Synovus Financial (NYSE:SNV) in a research report report published on Tuesday, MarketBeat.com reports. The brokerage issued a buy rating and a $76.00 price target on the bank’s stock.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler lifted their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. DA Davidson raised their price objective on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Deutsche Bank Aktiengesellschaft assumed coverage on Synovus Financial in a research note on Monday, December 9th. They issued a “buy” rating and a $64.00 price objective on the stock. Wells Fargo & Company increased their target price 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, JPMorgan Chase & Co. lifted their price objective on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.78.

Synovus Financial Stock Down 2.5 %

NYSE SNV opened at $53.36 on Tuesday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial has a 52 week low of $33.44 and a 52 week high of $59.92. The company has a market capitalization of $7.56 billion, a P/E ratio of 24.14, a price-to-earnings-growth ratio of 1.58 and a beta of 1.38. The stock’s 50-day moving average price is $53.15 and its 200-day moving average price is $46.13.

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

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.85%. Synovus Financial’s dividend payout ratio (DPR) is 68.78%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Oddo BHF Asset Management Sas bought a new position in Synovus Financial in the 3rd quarter worth about $753,000. Franklin Resources Inc. raised its position in Synovus Financial by 4.0% during the 3rd quarter. Franklin Resources Inc. now owns 22,964 shares of the bank’s stock valued at $1,069,000 after purchasing an additional 885 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Synovus Financial in the third quarter valued at about $217,000. Teachers Retirement System of The State of Kentucky lifted its stake in Synovus Financial by 6.6% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 120,386 shares of the bank’s stock worth $5,353,000 after acquiring an additional 7,449 shares during the period. Finally, Coldstream Capital Management Inc. bought a new position in Synovus Financial during the 3rd quarter worth about $220,000. 83.85% of the stock is currently owned by institutional investors.

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.