Synovus Financial Corp. (NYSE:SNV) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Synovus Financial Corp. (NYSE:SNV) have earned a consensus rating of “Moderate Buy” from the eighteen brokerages that are presently covering the company, Marketbeat.com reports. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $56.17.

A number of analysts have commented on the company. Citigroup raised their price objective on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Raymond James downgraded shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Royal Bank of Canada dropped their price objective on shares of Synovus Financial from $64.00 to $52.00 and set an “outperform” rating for the company in a research note on Monday. Stephens decreased their target price on shares of Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Monday. Finally, DA Davidson dropped their price target on shares of Synovus Financial from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Monday.

Synovus Financial Trading Up 2.1 %

Shares of SNV stock opened at $42.45 on Thursday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial has a 1 year low of $35.74 and a 1 year high of $59.92. The firm’s fifty day simple moving average is $45.87 and its 200 day simple moving average is $50.64. The firm has a market capitalization of $5.98 billion, a P/E ratio of 13.92, a price-to-earnings-growth ratio of 1.11 and a beta of 1.16.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.19. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company had revenue of $573.24 million for the quarter, compared to the consensus estimate of $572.35 million. As a group, sell-side analysts predict that Synovus Financial will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were paid a $0.39 dividend. The ex-dividend date was Thursday, March 20th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.68%. Synovus Financial’s payout ratio is currently 43.70%.

Institutional Trading of Synovus Financial

A number of hedge funds and other institutional investors have recently modified their holdings of SNV. Public Employees Retirement System of Ohio increased its position in shares of Synovus Financial by 1.2% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 56,284 shares of the bank’s stock valued at $2,503,000 after buying an additional 643 shares in the last quarter. Geode Capital Management LLC boosted its position in Synovus Financial by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock worth $107,633,000 after acquiring an additional 22,549 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Synovus Financial in the third quarter valued at approximately $217,000. Franklin Resources Inc. lifted its position in shares of Synovus Financial by 4.0% in the third quarter. Franklin Resources Inc. now owns 22,964 shares of the bank’s stock worth $1,069,000 after purchasing an additional 885 shares in the last quarter. Finally, Oddo BHF Asset Management Sas acquired a new position in Synovus Financial during the third quarter worth $753,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

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.