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

Shares of Synovus Financial Corp. (NYSE:SNV) have been assigned a consensus recommendation of “Moderate Buy” from the eighteen ratings firms that are presently covering the firm, Marketbeat reports. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $58.67.

SNV has been the topic of a number of recent research reports. Morgan Stanley lowered their target price on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Stephens reissued an “equal weight” rating and issued a $58.00 price objective on shares of Synovus Financial in a report on Thursday, January 16th. Citigroup upped their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Friday, January 17th. The Goldman Sachs Group increased their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Finally, Piper Sandler increased their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $47.35 on Friday. The firm has a market cap of $6.68 billion, a P/E ratio of 15.53, a PEG ratio of 1.11 and a beta of 1.36. 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 0.88 and a debt-to-equity ratio of 0.37. The company has a 50 day moving average of $52.18 and a 200 day moving average of $50.96.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. During the same period in the previous year, the business posted $0.80 earnings per share. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, research analysts expect that Synovus Financial will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be issued a $0.39 dividend. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a dividend yield of 3.29%. The ex-dividend date is Thursday, March 20th. Synovus Financial’s dividend payout ratio is 51.15%.

Institutional Trading of Synovus Financial

Several large investors have recently made changes to their positions in the business. Colonial Trust Co SC raised its position in Synovus Financial by 554.4% during the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock worth $30,000 after acquiring an additional 499 shares during the period. Keystone Financial Group Inc. acquired a new position in Synovus Financial during the fourth quarter worth $37,000. Quarry LP acquired a new position in Synovus Financial during the third quarter worth $41,000. Brooklyn Investment Group acquired a new position in Synovus Financial during the third quarter worth $56,000. Finally, Jones Financial Companies Lllp raised its position in Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after acquiring an additional 461 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

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.