Synovus Financial (NYSE:SNV) Price Target Raised to $52.00 at Truist Financial

Synovus Financial (NYSE:SNV) had its target price hoisted by Truist Financial from $50.00 to $52.00 in a research note published on Friday morning, Benzinga reports. The firm currently has a buy rating on the bank’s stock.

A number of other equities research analysts have also commented on SNV. Piper Sandler increased their price target on Synovus Financial from $42.00 to $53.00 and gave the company an overweight rating in a research report on Friday, July 19th. Stephens boosted their price target on shares of Synovus Financial from $43.00 to $46.00 and gave the stock an equal weight rating in a report on Friday, July 19th. Morgan Stanley upped their price objective on shares of Synovus Financial from $41.00 to $51.00 and gave the stock an equal weight rating in a research report on Monday, August 5th. Jefferies Financial Group lifted their target price on shares of Synovus Financial from $44.00 to $47.00 and gave the stock a buy rating in a research report on Wednesday, July 3rd. Finally, Wells Fargo & Company upped their target price on Synovus Financial from $40.00 to $42.00 and gave the company an overweight rating in a report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $46.81.

Synovus Financial Stock Down 1.3 %

Shares of NYSE SNV opened at $45.00 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $47.83. The stock has a market capitalization of $6.59 billion, a P/E ratio of 15.41, a P/E/G ratio of 3.50 and a beta of 1.39. The company has a 50-day moving average price of $44.26 and a 200-day moving average price of $40.43.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. The business had revenue of $563.60 million during the quarter, compared to the consensus estimate of $543.52 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. During the same quarter in the previous year, the business earned $1.16 EPS. The company’s quarterly revenue was down .7% on a year-over-year basis. On average, equities research analysts forecast that Synovus Financial will post 4.05 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be paid a dividend of $0.38 per share. The ex-dividend date is Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.38%. Synovus Financial’s payout ratio is 52.05%.

Insider Buying and Selling

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the sale, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at $685,284.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.81% of the stock is currently owned by insiders.

Institutional Trading of Synovus Financial

A number of institutional investors have recently modified their holdings of the business. Dana Investment Advisors Inc. raised its holdings in Synovus Financial by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock valued at $1,437,000 after acquiring an additional 254 shares during the period. Teachers Retirement System of The State of Kentucky raised its stake in shares of Synovus Financial by 6.0% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 112,937 shares of the bank’s stock valued at $4,539,000 after purchasing an additional 6,349 shares during the period. Creative Planning raised its stake in shares of Synovus Financial by 18.3% during the 2nd quarter. Creative Planning now owns 43,392 shares of the bank’s stock valued at $1,744,000 after purchasing an additional 6,710 shares during the period. Algert Global LLC lifted its holdings in Synovus Financial by 5.2% during the 2nd quarter. Algert Global LLC now owns 172,216 shares of the bank’s stock worth $6,921,000 after purchasing an additional 8,436 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in Synovus Financial by 181.0% in the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after purchasing an additional 838,932 shares during the period. 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.