Synovus Financial (NYSE:SNV) Sets New 52-Week High – Should You Buy?

Synovus Financial Corp. (NYSE:SNV) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $59.83 and last traded at $59.78, with a volume of 68885 shares changing hands. The stock had previously closed at $57.62.

Analyst Ratings Changes

SNV has been the subject of several research analyst reports. Barclays upped their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Stephens boosted their price target on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Bank of America raised their price objective on shares of Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Friday, October 18th. StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, DA Davidson raised their price target on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $53.94.

Synovus Financial Stock Up 0.9 %

The firm’s 50-day simple moving average is $49.34 and its 200 day simple moving average is $44.30. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. The company has a market cap of $8.29 billion, a P/E ratio of 26.22, a PEG ratio of 2.12 and a beta of 1.37.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. During the same quarter in the prior year, the company posted $0.84 earnings per share. The firm’s revenue was up 2.6% on a year-over-year basis. On average, research analysts forecast that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio is currently 68.78%.

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. V Square Quantitative Management LLC acquired a new stake in Synovus Financial during the 3rd quarter worth $30,000. UMB Bank n.a. raised its position in shares of Synovus Financial by 87.2% during the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after purchasing an additional 348 shares during the period. Quarry LP bought a new position in shares of Synovus Financial during the 3rd quarter valued at about $41,000. Innealta Capital LLC acquired a new position in shares of Synovus Financial in the 2nd quarter valued at approximately $43,000. Finally, Abich Financial Wealth Management LLC increased its stake in Synovus Financial by 43.5% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after purchasing an additional 371 shares in the last quarter. 83.85% of the stock is owned by 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.