Synovus Financial (NYSE:SNV) Research Coverage Started at Citigroup

Citigroup initiated coverage on shares of Synovus Financial (NYSE:SNV) in a research report sent to investors on Thursday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $53.00 price objective on the bank’s stock.

SNV has been the topic of a number of other research reports. JPMorgan Chase & Co. decreased their price objective on shares of Synovus Financial from $55.00 to $52.00 and set an overweight rating on the stock in a report on Wednesday. Keefe, Bruyette & Woods upped their price target on shares of Synovus Financial from $38.00 to $42.00 and gave the company a market perform rating in a report on Tuesday, July 9th. Barclays upped their price target on shares of Synovus Financial from $46.00 to $47.00 and gave the company an overweight rating in a report on Friday, July 19th. Truist Financial upped their price target on shares of Synovus Financial from $50.00 to $52.00 and gave the company a buy rating in a report on Friday, September 20th. Finally, Morgan Stanley upped their price target on shares of Synovus Financial from $41.00 to $51.00 and gave the company an equal weight rating in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $47.94.

Synovus Financial Stock Up 4.2 %

SNV stock opened at $45.81 on Thursday. The company has a market cap of $6.60 billion, a P/E ratio of 28.10, a P/E/G ratio of 2.05 and a beta of 1.38. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $47.83. The company’s 50-day moving average price is $43.72 and its 200 day moving average price is $40.98. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. The firm had revenue of $563.60 million for the quarter, compared to the consensus estimate of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The firm’s revenue was down .7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.16 earnings per share. On average, research analysts expect that Synovus Financial will post 4.02 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.32%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is 93.25%.

Insider Buying and Selling

In other news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the sale, the executive vice president now owns 14,833 shares of the company’s stock, valued at $685,284.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Synovus Financial

Several large investors have recently made changes to their positions in the business. Inspire Investing LLC increased its position in shares of Synovus Financial by 6.2% in the third quarter. Inspire Investing LLC now owns 9,288 shares of the bank’s stock worth $413,000 after acquiring an additional 541 shares in the last quarter. UMB Bank n.a. increased its position in shares of Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after acquiring an additional 348 shares in the last quarter. Wedmont Private Capital increased its position in shares of Synovus Financial by 3.8% in the third quarter. Wedmont Private Capital now owns 9,102 shares of the bank’s stock worth $394,000 after acquiring an additional 335 shares in the last quarter. CWM LLC increased its position in shares of Synovus Financial by 93.3% in the third quarter. CWM LLC now owns 2,003 shares of the bank’s stock worth $89,000 after acquiring an additional 967 shares in the last quarter. Finally, Callan Family Office LLC purchased a new position in shares of Synovus Financial in the third quarter valued at $1,006,000. Institutional investors and hedge funds 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.