Synovus Financial Corp. (NYSE:SNV) Receives $58.67 Consensus PT from Analysts

Shares of Synovus Financial Corp. (NYSE:SNV) have earned a consensus recommendation of “Moderate Buy” from the eighteen analysts that are currently covering the firm, MarketBeat.com reports. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $58.67.

SNV has been the subject of several research reports. Stephens restated an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a research report on Thursday, January 16th. UBS Group started coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 target price for the company. The Goldman Sachs Group increased their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Wells Fargo & Company raised their price objective on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $64.00 target price on shares of Synovus Financial in a report on Thursday, December 12th.

Institutional Investors Weigh In On Synovus Financial

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC raised its position in shares of Synovus Financial by 320.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 27,111 shares of the bank’s stock worth $1,389,000 after purchasing an additional 20,662 shares during the period. Phocas Financial Corp. raised its holdings in Synovus Financial by 90.2% during the 4th quarter. Phocas Financial Corp. now owns 177,231 shares of the bank’s stock worth $9,080,000 after buying an additional 84,036 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Synovus Financial during the 4th quarter worth about $7,799,000. Jefferies Financial Group Inc. acquired a new position in shares of Synovus Financial in the fourth quarter worth about $1,780,000. Finally, Mackenzie Financial Corp purchased a new position in shares of Synovus Financial in the fourth quarter worth approximately $521,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Performance

Shares of SNV stock opened at $48.66 on Friday. The stock has a fifty day moving average price of $52.02 and a 200 day moving average price of $51.08. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market cap of $6.86 billion, a PE ratio of 15.95, a P/E/G ratio of 1.11 and a beta of 1.36. 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 data on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The firm had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm’s revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.80 EPS. Sell-side analysts forecast that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be given a $0.39 dividend. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $1.56 annualized dividend and a yield of 3.21%. Synovus Financial’s payout ratio is 51.15%.

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.