DA Davidson Boosts Synovus Financial (NYSE:SNV) Price Target to $60.00

Synovus Financial (NYSE:SNV) had its price objective hoisted by DA Davidson from $53.00 to $60.00 in a research report sent to investors on Friday morning, Marketbeat reports. The brokerage currently has a buy rating on the bank’s stock. DA Davidson also issued estimates for Synovus Financial’s Q4 2024 earnings at $1.11 EPS.

A number of other brokerages also recently issued reports on SNV. Jefferies Financial Group raised their target price on Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Evercore ISI reduced their target price on shares of Synovus Financial from $50.00 to $48.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods boosted their target price on shares of Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a report on Tuesday, July 9th. Barclays raised their price target on shares of Synovus Financial from $49.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Morgan Stanley upped their price objective on Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.35.

Synovus Financial Stock Performance

SNV opened at $50.55 on Friday. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $51.69. The firm has a market capitalization of $7.28 billion, a PE ratio of 22.87, a PEG 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. The firm’s 50-day moving average price is $44.49 and its 200 day moving average price is $41.31.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.14. The business had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.84 EPS. As a group, sell-side analysts expect that Synovus Financial will post 4.04 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.01%. Synovus Financial’s dividend payout ratio is presently 68.78%.

Insider Activity at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 14,833 shares in the company, valued at $685,284.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

A number of large investors have recently modified their holdings of the stock. V Square Quantitative Management LLC purchased a new position in Synovus Financial in the third quarter valued at $30,000. UMB Bank n.a. boosted its stake in shares of 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. Innealta Capital LLC acquired a new position in shares of Synovus Financial during the second quarter worth about $43,000. Abich Financial Wealth Management LLC grew its position in shares of Synovus Financial by 43.5% during 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 in the last quarter. Finally, Fidelis Capital Partners LLC acquired a new stake in Synovus Financial in the first quarter valued at approximately $51,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Company Profile

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.