Synovus Financial (NYSE:SNV) Now Covered by Analysts at Truist Financial

Truist Financial initiated coverage on shares of Synovus Financial (NYSE:SNV) in a report released on Tuesday morning,Benzinga reports. The brokerage issued a buy rating and a $56.00 price objective on the bank’s stock.

Other research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. lowered their price target on shares of Synovus Financial from $54.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Morgan Stanley decreased their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. Royal Bank of Canada decreased their price objective on shares of Synovus Financial from $64.00 to $52.00 and set an “outperform” rating for the company in a research note on Monday, April 21st. Barclays decreased their price objective on shares of Synovus Financial from $66.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Finally, Stephens decreased their price objective on shares of Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating for the company in a research note on Monday, April 21st. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $56.11.

Synovus Financial Stock Up 0.5%

Shares of NYSE:SNV opened at $49.58 on Tuesday. 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 $35.81 and a 12 month high of $59.92. The company has a 50-day moving average price of $44.04 and a 200 day moving average price of $50.47. The company has a market cap of $6.89 billion, a price-to-earnings ratio of 16.26, a PEG ratio of 1.11 and a beta of 1.13.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.19. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. As a group, equities research analysts predict that Synovus Financial will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.15%. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 43.70%.

Hedge Funds Weigh In On Synovus Financial

Institutional investors have recently bought and sold shares of the business. Colonial Trust Co SC increased its holdings in Synovus Financial by 554.4% during the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock valued at $30,000 after buying an additional 499 shares during the period. Keystone Financial Group Inc. purchased a new position in Synovus Financial during the fourth quarter valued at approximately $37,000. Jones Financial Companies Lllp increased its holdings in Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after buying an additional 461 shares during the period. V Square Quantitative Management LLC increased its holdings in Synovus Financial by 69.3% during the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after buying an additional 466 shares during the period. Finally, Millstone Evans Group LLC purchased a new position in Synovus Financial during the fourth quarter valued at approximately $59,000. 83.85% of the stock is owned by hedge funds and other 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.