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

Synovus Financial Corp. (NYSE:SNV) has earned an average rating of “Moderate Buy” from the seventeen research firms that are covering the company, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $52.71.

A number of research firms have recently weighed in on SNV. StockNews.com upgraded Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a research note on Tuesday, September 17th. Truist Financial boosted their price target on shares of Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Stephens increased their price objective on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. Finally, Wells Fargo & Company lowered Synovus Financial from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $48.00 to $46.00 in a research report on Tuesday, October 1st.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in shares of Synovus Financial by 6.5% during the 3rd quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after purchasing an additional 229 shares during the last quarter. Fifth Third Bancorp raised its stake in Synovus Financial by 7.0% in the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock valued at $151,000 after buying an additional 245 shares in the last quarter. Dana Investment Advisors Inc. lifted its holdings in Synovus Financial by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock worth $1,437,000 after buying an additional 254 shares during the last quarter. Pitcairn Co. boosted its position in shares of Synovus Financial by 2.3% during the 1st quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock worth $462,000 after acquiring an additional 261 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Synovus Financial by 18.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after acquiring an additional 298 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Performance

NYSE:SNV opened at $57.62 on Monday. The company’s 50-day moving average is $49.06 and its two-hundred day moving average is $44.09. Synovus Financial has a 1-year low of $29.34 and a 1-year high of $59.79. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The firm has a market capitalization of $8.16 billion, a price-to-earnings ratio of 26.07, a PEG ratio of 1.99 and a beta of 1.37.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The firm 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 firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.84 earnings per share. Analysts forecast that Synovus Financial will post 4.37 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.64%. Synovus Financial’s payout ratio is 68.78%.

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.