Analysts Set Synovus Financial Corp. (NYSE:SNV) Price Target at $57.78

Synovus Financial Corp. (NYSE:SNV) has been assigned a consensus recommendation of “Moderate Buy” from the eighteen research firms that are currently covering the firm, MarketBeat.com 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 price target among brokers that have updated their coverage on the stock in the last year is $57.86.

SNV has been the subject of several research reports. UBS Group started coverage on Synovus Financial in a research note on Tuesday, December 17th. They issued a “buy” rating and a $76.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $64.00 target price on shares of Synovus Financial in a report on Thursday, December 12th. Morgan Stanley boosted their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Stephens raised their price objective on Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Finally, Bank of America increased their target price on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a report on Friday, October 18th.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $51.05 on Tuesday. Synovus Financial has a one year low of $33.44 and a one year high of $59.92. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The firm has a market capitalization of $7.23 billion, a price-to-earnings ratio of 23.10, a PEG ratio of 1.58 and a beta of 1.39. The company’s fifty day moving average price is $54.22 and its 200-day moving average price is $47.84.

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

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.98%. Synovus Financial’s dividend payout ratio (DPR) is 68.78%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Harbor Capital Advisors Inc. raised its holdings in Synovus Financial by 2.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank’s stock worth $758,000 after purchasing an additional 302 shares in the last quarter. Nordea Investment Management AB grew its position in shares of Synovus Financial by 3.8% in the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock worth $14,261,000 after buying an additional 10,109 shares during the period. Oddo BHF Asset Management Sas bought a new position in shares of Synovus Financial in the 3rd quarter worth about $753,000. Franklin Resources Inc. lifted its position in Synovus Financial by 4.0% during the 3rd quarter. Franklin Resources Inc. now owns 22,964 shares of the bank’s stock valued at $1,069,000 after acquiring an additional 885 shares during the period. Finally, Sanctuary Advisors LLC bought a new stake in Synovus Financial during the third quarter worth about $217,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

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.