Synovus Financial (NYSE:SNV) Price Target Raised to $57.00

Synovus Financial (NYSE:SNV) had its target price upped by Truist Financial from $52.00 to $57.00 in a report released on Monday, Benzinga reports. The firm currently has a buy rating on the bank’s stock.

SNV has been the subject of a number of other research reports. Citigroup set a $59.00 price target on Synovus Financial in a research note on Friday, October 18th. Wells Fargo & Company cut Synovus Financial from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $48.00 to $46.00 in a report on Tuesday, October 1st. Evercore ISI cut their price objective on shares of Synovus Financial from $50.00 to $48.00 and set an “in-line” rating for the company in a report on Wednesday, October 2nd. Morgan Stanley boosted their target price on shares of Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Finally, Stephens raised their target price on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $51.88.

Synovus Financial Stock Performance

Shares of SNV opened at $48.99 on Monday. The business has a 50-day simple moving average of $44.79 and a two-hundred day simple moving average of $41.49. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $51.69. The stock has a market cap of $7.17 billion, a price-to-earnings ratio of 16.78, a PEG ratio of 2.36 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. The company had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.84 EPS. On average, analysts expect that Synovus Financial will post 4.04 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.10%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio is currently 52.05%.

Hedge Funds Weigh In On Synovus Financial

A number of large investors have recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in Synovus Financial in the 3rd quarter worth about $30,000. UMB Bank n.a. raised its holdings in shares of Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after buying an additional 348 shares during the period. Innealta Capital LLC bought a new stake in shares of Synovus Financial during the 2nd quarter worth approximately $43,000. Abich Financial Wealth Management LLC boosted its holdings 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 valued at $49,000 after acquiring an additional 371 shares during the period. Finally, Fidelis Capital Partners LLC bought a new position in Synovus Financial in the 1st quarter valued at $51,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

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.