Synovus Financial Corp. (NYSE:SNV) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Synovus Financial Corp. (NYSE:SNV) has been assigned a consensus rating of “Moderate Buy” from the sixteen brokerages that are covering the firm, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $46.44.

SNV has been the topic of several recent research reports. DA Davidson raised their price target on Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Keefe, Bruyette & Woods raised 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. Truist Financial raised their price objective on Synovus Financial from $44.00 to $50.00 and gave the company a “buy” rating in a report on Friday, July 19th. Jefferies Financial Group boosted their price target on Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Finally, Stephens boosted their price target on Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, July 19th.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the sale, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Synovus Financial news, major shareholder Eli Samaha sold 172,889 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $25.20, for a total value of $4,356,802.80. Following the sale, the insider now owns 1,293,259 shares in the company, valued at $32,590,126.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Thomas T. Dierdorff sold 614 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the sale, the executive vice president now owns 14,833 shares in the company, valued at approximately $685,284.60. The disclosure for this sale can be found here. Insiders sold 173,523 shares of company stock worth $4,385,674 in the last three months. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

Institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP increased its stake in shares of Synovus Financial by 56.9% in the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock worth $295,127,000 after purchasing an additional 2,843,488 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Synovus Financial by 9.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after acquiring an additional 491,036 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Synovus Financial by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,730,148 shares of the bank’s stock worth $140,440,000 after acquiring an additional 21,041 shares during the last quarter. Norges Bank bought a new stake in Synovus Financial during the 4th quarter valued at about $59,941,000. Finally, First Trust Advisors LP lifted its holdings in Synovus Financial by 4.0% during the 4th quarter. First Trust Advisors LP now owns 1,410,088 shares of the bank’s stock valued at $53,090,000 after buying an additional 53,974 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Trading Down 2.6 %

Synovus Financial stock opened at $44.94 on Wednesday. The business has a 50 day moving average price of $43.27 and a two-hundred day moving average price of $39.90. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. The stock has a market cap of $6.47 billion, a price-to-earnings ratio of 15.39, a price-to-earnings-growth ratio of 3.60 and a beta of 1.39. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $47.83.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. The business had revenue of $563.60 million during the quarter, compared to analysts’ expectations of $543.52 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. Synovus Financial’s quarterly revenue was down .7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.16 EPS. As a group, equities analysts forecast that Synovus Financial will post 4.06 EPS for the current year.

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.