Bank of America Boosts Synovus Financial (NYSE:SNV) Price Target to $57.00

Synovus Financial (NYSE:SNV) had its price objective boosted by Bank of America from $48.00 to $57.00 in a report published on Friday, Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

Other equities research analysts have also issued reports about the company. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a report on Tuesday, September 17th. Morgan Stanley boosted their target price on shares of Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Stephens raised their price target on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a report on Friday. JPMorgan Chase & Co. upped their price objective on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Citigroup assumed coverage on Synovus Financial in a report on Thursday, October 10th. They set a “buy” rating and a $53.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $51.35.

Synovus Financial Stock Down 0.6 %

Synovus Financial stock opened at $50.55 on Friday. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $51.69. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $7.28 billion, a PE ratio of 22.87, a P/E/G ratio of 2.36 and a beta of 1.38. The firm’s 50 day moving average price is $44.49 and its two-hundred day moving average price is $41.31.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. The business had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. Synovus Financial’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.84 earnings per share. On average, research analysts predict that Synovus Financial will post 4.04 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.01%. Synovus Financial’s payout ratio is 68.78%.

Insider Buying and Selling

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction on 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 sale, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at $685,284.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.81% of the stock is currently owned by insiders.

Institutional Trading of Synovus Financial

A number of institutional investors and hedge funds have recently modified their holdings of SNV. GAMMA Investing LLC lifted its position in Synovus Financial by 22.4% in the first quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock worth $120,000 after purchasing an additional 548 shares during the period. Mather Group LLC. acquired a new position in shares of Synovus Financial in the 1st quarter valued at $144,000. Cooper Financial Group acquired a new position in shares of Synovus Financial in the 1st quarter valued at $203,000. Asio Capital LLC lifted its holdings in shares of Synovus Financial by 1.1% during the 1st quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock worth $5,141,000 after acquiring an additional 1,428 shares during the period. Finally, State of Michigan Retirement System boosted its position in shares of Synovus Financial by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock valued at $1,438,000 after acquiring an additional 800 shares in 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.