Synovus Financial (NYSE:SNV) Price Target Raised to $55.00

Synovus Financial (NYSE:SNV) had its price objective lifted by Morgan Stanley from $51.00 to $55.00 in a research report report published on Monday morning, Benzinga reports. The firm currently has an equal weight rating on the bank’s stock.

Other equities research analysts have also recently issued reports about the stock. Truist Financial raised their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday. Keefe, Bruyette & Woods upped their price target on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a research note on Tuesday, July 9th. Barclays raised their price objective on Synovus Financial from $49.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Stephens upped their target price on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Synovus Financial has an average rating of “Moderate Buy” and a consensus price target of $51.88.

Synovus Financial Stock Down 3.3 %

Shares of NYSE SNV opened at $48.88 on Monday. The stock has a market cap of $7.16 billion, a PE ratio of 16.74, a P/E/G ratio of 2.36 and a beta of 1.38. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $51.69. The company has a 50-day moving average of $44.49 and a 200 day moving average of $41.33.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating 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 business had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. During the same period in the prior year, the business earned $0.84 earnings per share. The business’s revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts predict that Synovus Financial will post 4.04 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insider Activity at Synovus Financial

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

Institutional Trading of Synovus Financial

Several hedge funds have recently added to or reduced their stakes in the company. Cooper Financial Group acquired a new stake in shares of Synovus Financial in the 1st quarter valued at $203,000. Asio Capital LLC lifted its holdings in Synovus Financial by 1.1% during the 1st quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock worth $5,141,000 after buying an additional 1,428 shares during the last quarter. State of Michigan Retirement System boosted its position in shares of Synovus Financial by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock worth $1,438,000 after acquiring an additional 800 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Synovus Financial by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 550,500 shares of the bank’s stock valued at $22,053,000 after acquiring an additional 13,690 shares during the last quarter. Finally, Vest Financial LLC raised its position in shares of Synovus Financial by 264.9% during the 1st quarter. Vest Financial LLC now owns 21,941 shares of the bank’s stock worth $879,000 after acquiring an additional 15,928 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

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.