Synovus Financial Corp. (NYSE:SNV) Receives $58.67 Consensus Target Price from Brokerages

Synovus Financial Corp. (NYSE:SNV) has received a consensus recommendation of “Moderate Buy” from the eighteen research firms that are currently covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $58.67.

SNV has been the topic of a number of recent research reports. Citigroup upped their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Friday, January 17th. Morgan Stanley reduced their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Piper Sandler lifted their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft began coverage on Synovus Financial in a research note on Monday, December 9th. They set a “buy” rating and a $64.00 price target on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and set a $64.00 price objective on shares of Synovus Financial in a report on Thursday, December 12th.

Synovus Financial Trading Down 1.8 %

Shares of Synovus Financial stock opened at $47.47 on Friday. Synovus Financial has a 1 year low of $33.44 and a 1 year high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The business has a 50 day moving average price of $51.73 and a 200 day moving average price of $51.04. The company has a market capitalization of $6.69 billion, a P/E ratio of 15.56, a P/E/G ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. During the same period in the previous year, the firm posted $0.80 earnings per share. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. Sell-side analysts anticipate that Synovus Financial will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend is Thursday, March 20th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio (DPR) is currently 51.15%.

Institutional Trading of Synovus Financial

A number of institutional investors have recently added to or reduced their stakes in the business. Montgomery Investment Management Inc. lifted its stake in shares of Synovus Financial by 0.6% during the fourth quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank’s stock worth $2,177,000 after purchasing an additional 235 shares in the last quarter. Sound View Wealth Advisors Group LLC raised its holdings in shares of Synovus Financial by 3.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank’s stock valued at $407,000 after buying an additional 241 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. lifted its position in Synovus Financial by 0.3% during the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank’s stock worth $5,301,000 after acquiring an additional 270 shares in the last quarter. Wedmont Private Capital boosted its holdings in Synovus Financial by 3.3% in the 4th quarter. Wedmont Private Capital now owns 9,401 shares of the bank’s stock worth $479,000 after acquiring an additional 299 shares during the period. Finally, Harbor Capital Advisors Inc. grew its position in Synovus Financial by 2.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank’s stock valued at $758,000 after acquiring an additional 302 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other 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.