Synovus Financial (NYSE:SNV) Price Target Raised to $62.00

Synovus Financial (NYSE:SNV) had its price target raised by The Goldman Sachs Group from $52.00 to $62.00 in a research note released on Tuesday,Benzinga reports. They currently have a neutral rating on the bank’s stock.

SNV has been the topic of a number of other research reports. Royal Bank of Canada increased their price target on shares of Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Citigroup set a $59.00 target price on Synovus Financial in a research report on Friday, October 18th. JPMorgan Chase & Co. boosted 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. DA Davidson upped their price target on Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Finally, Bank of America lifted their price objective on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.94.

Synovus Financial Price Performance

SNV stock opened at $57.45 on Tuesday. The stock has a market capitalization of $8.14 billion, a price-to-earnings ratio of 26.00, a price-to-earnings-growth ratio of 2.09 and a beta of 1.37. 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 $29.48 and a 52-week high of $59.92. The stock’s fifty day simple moving average is $49.85 and its 200-day simple moving average is $44.52.

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, topping 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 firm had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. During the same period last year, the company earned $0.84 EPS. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. Equities research analysts expect that Synovus Financial will post 4.37 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is 68.78%.

Hedge Funds Weigh In On Synovus Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC increased its position in shares of Synovus Financial by 5.4% during the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after acquiring an additional 598,644 shares during the last quarter. Wellington Management Group LLP grew its stake in Synovus Financial by 12.8% during the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after purchasing an additional 1,095,557 shares in the last quarter. State Street Corp increased its holdings in Synovus Financial by 3.2% during the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after purchasing an additional 201,362 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Synovus Financial by 9.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after purchasing an additional 491,036 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Synovus Financial by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock valued at $222,022,000 after buying an additional 147,599 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other 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.