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

Shares of Synovus Financial Corp. (NYSE:SNV) have been assigned a consensus recommendation of “Moderate Buy” from the seventeen research firms that are presently covering the company, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $51.88.

A number of research analysts recently issued reports on SNV shares. StockNews.com upgraded Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Wells Fargo & Company lowered Synovus Financial from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $48.00 to $46.00 in a research report on Tuesday, October 1st. Morgan Stanley boosted their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Stephens boosted their price objective on Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Finally, Evercore ISI cut their target price on 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.

Synovus Financial Price Performance

Shares of SNV opened at $50.04 on Thursday. The firm has a market cap of $7.20 billion, a price-to-earnings ratio of 22.64, a PEG ratio of 1.76 and a beta of 1.38. The stock has a 50 day moving average of $45.29 and a 200-day moving average of $41.80. 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 has a 52 week low of $25.10 and a 52 week high of $51.69.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data 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 quarter in the previous year, the firm posted $0.84 EPS. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, analysts forecast that Synovus Financial will post 4.34 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s dividend payout ratio is presently 68.78%.

Institutional Trading of Synovus Financial

A number of hedge funds and other institutional investors have recently modified their holdings of SNV. V Square Quantitative Management LLC acquired a new position in shares of Synovus Financial in the 3rd quarter worth $30,000. UMB Bank n.a. grew its holdings 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 worth $33,000 after acquiring an additional 348 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of Synovus Financial in the 2nd quarter worth $43,000. Abich Financial Wealth Management LLC grew its holdings in shares of Synovus Financial by 43.5% in 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 last quarter. Finally, Fidelis Capital Partners LLC acquired a new position in shares of Synovus Financial in the 1st quarter worth $51,000. 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.