Synovus Financial (NYSE:SNV) Price Target Raised to $54.00 at Evercore ISI

Synovus Financial (NYSE:SNV) had its price target increased by Evercore ISI from $48.00 to $54.00 in a report published on Wednesday morning, Benzinga reports. The brokerage currently has an in-line rating on the bank’s stock.

Other research analysts have also issued reports about the company. Piper Sandler increased their target price on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a research report on Tuesday, September 17th. Citigroup set a $59.00 target price on Synovus Financial in a research report on Friday, October 18th. Royal Bank of Canada increased their target price on Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Finally, Truist Financial raised their price objective on Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average price target of $52.24.

Synovus Financial Trading Up 1.4 %

Shares of Synovus Financial stock opened at $50.51 on Wednesday. Synovus Financial has a fifty-two week low of $25.52 and a fifty-two week high of $51.69. The firm has a market cap of $7.27 billion, a PE ratio of 22.86, a P/E/G ratio of 1.76 and a beta of 1.38. The business’s fifty day moving average is $45.55 and its two-hundred day moving average is $41.95. 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 (NYSE:SNV) last issued 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 company had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.84 EPS. Analysts anticipate that Synovus Financial will post 4.34 earnings per share for the current year.

Synovus Financial Dividend Announcement

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

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Greenwood Capital Associates LLC acquired a new position in Synovus Financial in the third quarter valued at approximately $1,373,000. Harbor Capital Advisors Inc. boosted its stake in Synovus Financial by 118.8% in the third quarter. Harbor Capital Advisors Inc. now owns 14,498 shares of the bank’s stock valued at $645,000 after acquiring an additional 7,871 shares during the period. Janney Montgomery Scott LLC boosted its stake in Synovus Financial by 0.7% in the third quarter. Janney Montgomery Scott LLC now owns 49,191 shares of the bank’s stock valued at $2,188,000 after acquiring an additional 360 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of Synovus Financial by 474.9% during the third quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock valued at $65,000 after buying an additional 1,211 shares during the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. raised its holdings in shares of Synovus Financial by 0.7% during the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,210 shares of the bank’s stock valued at $4,590,000 after buying an additional 670 shares during the last quarter. 83.85% of the stock is currently 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.