Synovus Financial (NYSE:SNV) Upgraded to “Outperform” by Raymond James

Raymond James upgraded shares of Synovus Financial (NYSE:SNV) from a market perform rating to an outperform rating in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. Raymond James currently has $49.00 price objective on the bank’s stock.

A number of other equities research analysts have also weighed in on SNV. Piper Sandler raised their price target on shares of Synovus Financial from $42.00 to $53.00 and gave the company an overweight rating in a report on Friday, July 19th. Stephens raised their price target on shares of Synovus Financial from $43.00 to $46.00 and gave the company an equal weight rating in a report on Friday, July 19th. Keefe, Bruyette & Woods raised their price target on shares of Synovus Financial from $38.00 to $42.00 and gave the company a market perform rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. raised their price objective on shares of Synovus Financial from $48.00 to $49.00 and gave the stock an overweight rating in a report on Thursday, June 27th. Finally, Barclays raised their price objective on shares of Synovus Financial from $46.00 to $47.00 and gave the stock an overweight rating in a report on Friday, July 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $46.69.

Synovus Financial Stock Performance

Shares of SNV stock opened at $44.77 on Tuesday. The company’s fifty day simple moving average is $44.01 and its 200-day simple moving average is $40.31. The company has a market cap of $6.45 billion, a PE ratio of 15.27, a P/E/G ratio of 3.41 and a beta of 1.39. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $47.83. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. The business had revenue of $563.60 million during the quarter, compared to analyst estimates of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The business’s revenue was down .7% on a year-over-year basis. During the same period last year, the business earned $1.16 EPS. As a group, equities research analysts anticipate that Synovus Financial will post 4.05 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend is Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the transaction, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Wellington Management Group LLP lifted its position in Synovus Financial by 56.9% in the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after purchasing an additional 2,843,488 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Synovus Financial by 9.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after purchasing an additional 491,036 shares during the last quarter. Norges Bank bought a new stake in Synovus Financial in the 4th quarter valued at about $59,941,000. First Trust Advisors LP lifted its position in Synovus Financial by 4.0% in the 4th quarter. First Trust Advisors LP now owns 1,410,088 shares of the bank’s stock valued at $53,090,000 after purchasing an additional 53,974 shares during the last quarter. Finally, Millennium Management LLC lifted its position in Synovus Financial by 181.0% in the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after purchasing an additional 838,932 shares during the last quarter. 83.85% of the stock is 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.