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

Synovus Financial Corp. (NYSE:SNV) has earned a consensus recommendation of “Moderate Buy” from the eighteen ratings firms that are covering the company, MarketBeat.com reports. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $57.78.

Several research analysts recently commented on the stock. DA Davidson increased their target price on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Bank of America increased their target price on shares of Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Friday, October 18th. JPMorgan Chase & Co. increased their target price on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Barclays increased their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research report on Tuesday, September 17th.

Synovus Financial Stock Up 1.7 %

Synovus Financial stock opened at $52.83 on Tuesday. The stock has a market capitalization of $7.48 billion, a PE ratio of 23.90, a price-to-earnings-growth ratio of 1.58 and a beta of 1.39. Synovus Financial has a twelve month low of $33.44 and a twelve month high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The company has a 50 day moving average of $54.05 and a 200-day moving average of $47.51.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter in the prior year, the company posted $0.84 earnings per share. The firm’s revenue was up 2.6% on a year-over-year basis. On average, equities research analysts anticipate that Synovus Financial will post 4.37 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s payout ratio is presently 68.78%.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently modified their holdings of SNV. Wellington Management Group LLP grew its stake in shares of Synovus Financial by 12.8% in the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after acquiring an additional 1,095,557 shares in the last quarter. Millennium Management LLC grew its stake in Synovus Financial by 181.0% during the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after buying an additional 838,932 shares in the last quarter. FMR LLC grew its stake in Synovus Financial by 5.4% during the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after buying an additional 598,644 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Synovus Financial by 9.3% during the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after buying an additional 491,036 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. acquired a new stake in Synovus Financial during the second quarter worth about $19,434,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.