The Goldman Sachs Group Boosts Synovus Financial (NYSE:SNV) Price Target to $62.00

Synovus Financial (NYSE:SNV) had its price objective increased by The Goldman Sachs Group from $52.00 to $62.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a neutral rating on the bank’s stock.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. raised their price objective on shares of Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. DA Davidson lifted their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Morgan Stanley upped their price target on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Stephens lifted their price objective on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Finally, Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a research report on Tuesday, September 17th. 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 company currently has an average rating of “Moderate Buy” and a consensus target price of $53.94.

Synovus Financial Price Performance

Shares of SNV opened at $57.94 on Tuesday. The firm has a market capitalization of $8.21 billion, a PE ratio of 26.23, a P/E/G ratio of 2.08 and a beta of 1.37. The stock’s 50 day moving average is $49.34 and its two-hundred day moving average is $44.30. Synovus Financial has a twelve month low of $29.34 and a twelve month high of $59.92. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share 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 quarter in the prior year, the company posted $0.84 earnings per share. Synovus Financial’s quarterly revenue was up 2.6% on a year-over-year basis. Research analysts anticipate that Synovus Financial will post 4.37 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 2.62%. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

Institutional Investors Weigh In On Synovus Financial

Several hedge funds have recently made changes to their positions in the business. V Square Quantitative Management LLC purchased a new position in Synovus Financial during the third quarter worth about $30,000. UMB Bank n.a. grew its holdings in Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after buying an additional 348 shares during the period. Quarry LP acquired a new position in shares of Synovus Financial during the 3rd quarter valued at about $41,000. Innealta Capital LLC purchased a new position in shares of Synovus Financial during the 2nd quarter worth about $43,000. Finally, Abich Financial Wealth Management LLC lifted its holdings in shares of Synovus Financial by 43.5% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after acquiring an additional 371 shares during the period. 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.