Synovus Financial (NYSE:SNV) Reaches New 1-Year High – Should You Buy?

Synovus Financial Corp. (NYSE:SNV) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $55.50 and last traded at $55.31, with a volume of 42952 shares traded. The stock had previously closed at $49.78.

Analyst Ratings Changes

A number of brokerages have issued reports on SNV. Truist Financial raised their target price on Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, October 21st. JPMorgan Chase & Co. upped their target price on shares of Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Barclays lifted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday. Stephens lifted 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. Finally, DA Davidson increased their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $52.71.

Synovus Financial Stock Performance

The stock’s fifty day moving average price is $46.34 and its two-hundred day moving average price is $42.58. The company has a market cap of $8.05 billion, a P/E ratio of 25.76, a P/E/G ratio of 2.11 and a beta of 1.37. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.14. The business 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%. Synovus Financial’s revenue was up 2.6% compared to the same quarter last year. During the same period last year, the firm posted $0.84 earnings per share. As a group, equities analysts predict that Synovus Financial Corp. will post 4.36 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued 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 2.68%. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

Institutional Trading of Synovus Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. &PARTNERS acquired a new stake in Synovus Financial during the second quarter worth approximately $284,000. Texas Permanent School Fund Corp increased its position in Synovus Financial by 19.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock valued at $6,150,000 after buying an additional 25,028 shares in the last quarter. Private Capital Management LLC raised its stake in Synovus Financial by 6.2% during the 1st quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock worth $14,644,000 after buying an additional 21,456 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in Synovus Financial by 92.0% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock worth $1,852,000 after acquiring an additional 22,621 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Synovus Financial by 81.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 230,856 shares of the bank’s stock valued at $9,249,000 after acquiring an additional 103,891 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.