Synovus Financial Corp. (NYSE:SNV) Receives $58.44 Consensus Target Price from Analysts

Synovus Financial Corp. (NYSE:SNV) has received a consensus rating of “Moderate Buy” from the eighteen research firms that are currently covering the firm, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $58.44.

A number of equities research analysts have weighed in on the company. Wells Fargo & Company upped their target price on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Citigroup boosted their price target 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. Piper Sandler increased their price objective on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. The Goldman Sachs Group increased their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Finally, Truist Financial boosted their price target on Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, October 21st.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC bought a new position in Synovus Financial during the 3rd quarter valued at about $30,000. Keystone Financial Group Inc. acquired a new position in Synovus Financial during the fourth quarter valued at approximately $37,000. UMB Bank n.a. grew its holdings in shares of Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after buying an additional 348 shares during the period. Quarry LP bought a new stake in shares of Synovus Financial in the third quarter worth about $41,000. Finally, Jones Financial Companies Lllp increased its stake in Synovus Financial by 72.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after purchasing an additional 461 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Trading Down 1.5 %

Shares of NYSE SNV opened at $56.00 on Friday. The stock’s 50 day simple moving average is $53.86 and its 200 day simple moving average is $49.68. The company has a market cap of $7.93 billion, a price-to-earnings ratio of 18.36, a price-to-earnings-growth ratio of 1.17 and a beta of 1.39. 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 12-month low of $33.44 and a 12-month high of $59.92.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating the consensus estimate of $1.16 by $0.09. The firm had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm’s revenue was up 18.8% compared to the same quarter last year. During the same period last year, the firm earned $0.80 EPS. Equities research analysts expect that Synovus Financial will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.71%. Synovus Financial’s dividend payout ratio is currently 49.84%.

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.