Synovus Financial (NYSE:SNV) Price Target Raised to $59.00

Synovus Financial (NYSE:SNV) had its price objective raised by JPMorgan Chase & Co. from $52.00 to $59.00 in a report issued on Friday, Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

SNV has been the subject of several other reports. Evercore ISI reduced their target price on Synovus Financial from $50.00 to $48.00 and set an “in-line” rating for the company in a report on Wednesday, October 2nd. Stephens raised their target price on Synovus Financial from $43.00 to $46.00 and gave the company an “equal weight” rating in a research report on Friday, July 19th. Royal Bank of Canada lifted their price target on shares of Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a report on Friday. Keefe, Bruyette & Woods increased their price objective on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a report on Tuesday, July 9th. Finally, Barclays boosted their target price on Synovus Financial from $49.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.35.

Synovus Financial Price Performance

SNV opened at $50.55 on Friday. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $51.69. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $7.28 billion, a price-to-earnings ratio of 22.87, a P/E/G ratio of 2.36 and a beta of 1.38. The firm’s fifty day moving average price is $44.49 and its two-hundred day moving average price is $41.31.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. During the same period last year, the firm earned $0.84 earnings per share. The firm’s revenue was up 2.6% on a year-over-year basis. As a group, analysts anticipate that Synovus Financial will post 4.04 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders 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 3.01%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is currently 68.78%.

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was 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 in the company, valued at $685,284.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

Institutional investors have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC bought a new stake in shares of Synovus Financial in the 3rd quarter valued at about $30,000. UMB Bank n.a. boosted its stake in shares of 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 purchasing an additional 348 shares during the period. Innealta Capital LLC bought a new position in shares of Synovus Financial in the second quarter worth approximately $43,000. Abich Financial Wealth Management LLC increased its stake in shares of Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after buying an additional 371 shares during the period. Finally, Fidelis Capital Partners LLC bought a new stake in Synovus Financial during the 1st quarter valued at $51,000. 83.85% of the stock is currently 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.