Synovus Financial (NYSE:SNV) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

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

Other research analysts have also issued reports about the stock. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Stephens lifted their target price on Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Truist Financial increased their price target on Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Bank of America boosted their price objective on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Finally, Citigroup set a $59.00 target price on Synovus Financial in a research report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $53.94.

Synovus Financial Trading Down 0.9 %

NYSE:SNV opened at $57.45 on Tuesday. The company has a market cap of $8.14 billion, a PE ratio of 26.00, a P/E/G ratio of 2.09 and a beta of 1.37. The business’s 50 day moving average is $49.85 and its two-hundred day moving average is $44.52. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial has a 52 week low of $29.48 and a 52 week high of $59.92.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate 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 revenue for the quarter was up 2.6% on a year-over-year basis. During the same period last year, the business posted $0.84 earnings per share. On average, analysts predict that Synovus Financial will post 4.37 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders 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 dividend on an annualized basis and a dividend yield of 2.65%. Synovus Financial’s dividend payout ratio (DPR) is 68.78%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC raised its holdings in Synovus Financial by 6.5% during the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after purchasing an additional 229 shares in the last quarter. Fifth Third Bancorp raised its stake in shares of Synovus Financial by 7.0% in the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after buying an additional 245 shares in the last quarter. Dana Investment Advisors Inc. lifted its holdings in shares of Synovus Financial by 0.7% in the second quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock valued at $1,437,000 after buying an additional 254 shares during the period. EverSource Wealth Advisors LLC boosted its stake in Synovus Financial by 18.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after buying an additional 298 shares in the last quarter. Finally, Hanseatic Management Services Inc. grew its stake in shares of Synovus Financial by 2.6% in the 2nd quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank’s stock worth $478,000 after purchasing an additional 303 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

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.