Brokerages Set Synovus Financial Corp. (NYSE:SNV) PT at $58.44

Synovus Financial Corp. (NYSE:SNV) has been assigned an average recommendation of “Moderate Buy” from the eighteen analysts that are covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $58.44.

A number of equities research analysts recently issued reports on SNV shares. UBS Group started coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price target on the stock. Piper Sandler lifted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $64.00 target price on shares of Synovus Financial in a research note on Thursday, December 12th. JPMorgan Chase & Co. lifted their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Synovus Financial in a research note on Monday, December 9th. They set a “buy” rating and a $64.00 target price on the stock.

Synovus Financial Price Performance

Synovus Financial stock opened at $48.89 on Wednesday. The company’s fifty day moving average price is $53.62 and its 200 day moving average price is $50.90. Synovus Financial has a 1 year low of $33.44 and a 1 year high of $59.92. The stock has a market capitalization of $6.89 billion, a P/E ratio of 16.03, a P/E/G ratio of 1.11 and a beta of 1.39. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

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

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.19%. The ex-dividend date is Thursday, March 20th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s payout ratio is currently 49.84%.

Institutional Trading of Synovus Financial

Several institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC raised its holdings in Synovus Financial by 3.6% in the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock valued at $616,892,000 after buying an additional 415,201 shares during the period. Wellington Management Group LLP raised its holdings in Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after buying an additional 1,095,557 shares during the period. State Street Corp raised its holdings in Synovus Financial by 3.2% in the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after buying an additional 201,362 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Synovus Financial by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank’s stock valued at $261,778,000 after buying an additional 117,242 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Synovus Financial by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock valued at $107,633,000 after buying an additional 22,549 shares during the period. 83.85% of the stock is currently 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.