Analysts Set Synovus Financial Corp. (NYSE:SNV) PT at $51.88

Shares of Synovus Financial Corp. (NYSE:SNV) have been given a consensus recommendation of “Moderate Buy” by the seventeen analysts that are covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $51.88.

A number of brokerages recently weighed in on SNV. Truist Financial upped their price target on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. StockNews.com upgraded Synovus Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Evercore ISI lowered their price objective on Synovus Financial from $50.00 to $48.00 and set an “in-line” rating for the company in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. upped their target price on Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Finally, Morgan Stanley increased their target price on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st.

Synovus Financial Trading Down 1.0 %

SNV stock opened at $48.58 on Thursday. The company has a market cap of $7.11 billion, a price-to-earnings ratio of 16.64, a PEG ratio of 1.80 and a beta of 1.38. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The business has a fifty day simple moving average of $45.17 and a 200-day simple moving average of $41.67. Synovus Financial has a 52 week low of $24.75 and a 52 week high of $51.69.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same period in the prior year, the company earned $0.84 EPS. The firm’s revenue was up 2.6% on a year-over-year basis. On average, equities research analysts expect that Synovus Financial will post 4.3 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s payout ratio is 52.05%.

Institutional Investors Weigh In On Synovus Financial

Hedge funds have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC bought a new stake in Synovus Financial in the third quarter valued at $30,000. UMB Bank n.a. lifted its stake in Synovus Financial by 87.2% in the third 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 last quarter. Innealta Capital LLC bought a new stake in Synovus Financial in the second quarter valued at $43,000. Abich Financial Wealth Management LLC increased its holdings in shares of Synovus Financial by 43.5% during the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after purchasing an additional 371 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new position in shares of Synovus Financial during the first quarter valued at $51,000. 83.85% of the stock is currently owned by 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.