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

Shares of Synovus Financial Corp. (NYSE:SNV) have earned a consensus recommendation of “Moderate Buy” from the eighteen research firms that are presently covering the stock, Marketbeat reports. Six analysts have rated the stock with a hold recommendation and twelve have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $56.00.

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company raised their price target on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Citigroup set a $59.00 price objective on Synovus Financial in a research report on Friday, October 18th. Bank of America increased 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. Truist Financial increased their price objective on Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Finally, Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a research report on Tuesday, September 17th.

Synovus Financial Trading Down 2.5 %

SNV stock opened at $54.69 on Friday. The business has a fifty day moving average price of $52.51 and a 200 day moving average price of $45.72. Synovus Financial has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The stock has a market capitalization of $7.75 billion, a price-to-earnings ratio of 24.75, a P/E/G ratio of 1.61 and a beta of 1.38. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share 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 firm had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same period last year, the firm posted $0.84 EPS. The business’s revenue was up 2.6% on a year-over-year basis. Analysts expect that Synovus Financial will post 4.37 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be given a $0.38 dividend. The ex-dividend date is Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.78%. Synovus Financial’s dividend payout ratio is currently 68.78%.

Institutional Trading of Synovus Financial

Hedge funds have recently added to or reduced their stakes in the business. &PARTNERS acquired a new stake in Synovus Financial during the 2nd quarter worth $284,000. Texas Permanent School Fund Corp raised its stake in Synovus Financial by 19.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after buying an additional 25,028 shares during the period. Thrivent Financial for Lutherans raised its stake in Synovus Financial by 7.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock worth $6,525,000 after buying an additional 10,346 shares during the period. Quest Partners LLC acquired a new stake in Synovus Financial during the 3rd quarter worth $1,264,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Synovus Financial by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after buying an additional 147,599 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

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.