Synovus Financial (NYSE:SNV) PT Raised to $57.00 at Truist Financial

Synovus Financial (NYSE:SNV) had its target price hoisted by Truist Financial from $52.00 to $57.00 in a report issued on Monday morning, Benzinga reports. Truist Financial currently has a buy rating on the bank’s stock.

A number of other brokerages have also commented on SNV. Morgan Stanley boosted their price objective on shares of Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Stephens upped their target price on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Friday. Evercore ISI cut their target price on shares of Synovus Financial from $50.00 to $48.00 and set an “in-line” rating for the company in a research note on Wednesday, October 2nd. Barclays upped their price target on shares of Synovus Financial from $49.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Citigroup set a $59.00 price objective on shares of Synovus Financial in a research note on Friday. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $51.88.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $48.88 on Monday. The company has a 50-day moving average price of $44.49 and a 200 day moving average price of $41.33. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $51.69. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The company has a market cap of $7.16 billion, a P/E ratio of 16.74, a PEG ratio of 2.36 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company’s revenue was up 2.6% on a year-over-year basis. During the same period last year, the company posted $0.84 EPS. Research analysts predict that Synovus Financial will post 4.04 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the transaction, the executive vice president now owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC raised its stake in shares of Synovus Financial by 6.5% in the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after buying an additional 229 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Synovus Financial by 7.0% in the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after buying an additional 245 shares during the period. Dana Investment Advisors Inc. lifted its holdings in shares of Synovus Financial by 0.7% in the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock worth $1,437,000 after buying an additional 254 shares during the period. Pitcairn Co. grew its stake in Synovus Financial by 2.3% in the first quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock valued at $462,000 after purchasing an additional 261 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of Synovus Financial by 18.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after purchasing an additional 298 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.