Synovus Financial Corp. (NYSE:SNV) Receives $56.00 Consensus PT from Analysts

Shares of Synovus Financial Corp. (NYSE:SNV) have been given a consensus recommendation of “Moderate Buy” by the eighteen brokerages that are presently covering the stock, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $57.78.

Several equities analysts have recently weighed in on SNV shares. Stephens raised their price objective on Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Citigroup set a $59.00 price target on Synovus Financial in a research note on Friday, October 18th. Piper Sandler upped their price objective on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. Morgan Stanley raised their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Finally, Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a report on Tuesday, September 17th.

Hedge Funds Weigh In On Synovus Financial

Institutional investors and hedge funds have recently made changes to their positions in the company. Oddo BHF Asset Management Sas bought a new stake in Synovus Financial in the 3rd quarter valued at $753,000. Franklin Resources Inc. lifted its holdings in shares of Synovus Financial by 4.0% during the third quarter. Franklin Resources Inc. now owns 22,964 shares of the bank’s stock worth $1,069,000 after buying an additional 885 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Synovus Financial in the third quarter valued at about $217,000. Teachers Retirement System of The State of Kentucky grew its stake in shares of Synovus Financial by 6.6% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 120,386 shares of the bank’s stock valued at $5,353,000 after acquiring an additional 7,449 shares in the last quarter. Finally, Coldstream Capital Management Inc. bought a new position in Synovus Financial during the third quarter worth about $220,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Price Performance

Shares of SNV opened at $49.68 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial has a twelve month low of $33.44 and a twelve month high of $59.92. The stock has a market capitalization of $7.04 billion, a P/E ratio of 22.48, a P/E/G ratio of 1.58 and a beta of 1.38. The company has a 50 day moving average of $53.40 and a 200-day moving average of $46.19.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $557.64 million. During the same quarter last year, the firm earned $0.84 earnings per share. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities research analysts forecast that Synovus Financial will post 4.37 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.52 annualized dividend and a yield of 3.06%. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

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.