Analysts Set Synovus Financial Corp. (NYSE:SNV) PT at $58.67

Synovus Financial Corp. (NYSE:SNV) has been given an average rating of “Moderate Buy” by the eighteen brokerages that are currently covering the firm, Marketbeat reports. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $58.67.

Several brokerages have commented on SNV. JPMorgan Chase & Co. raised their price objective on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Piper Sandler lifted their price target on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft started coverage on Synovus Financial in a report on Monday, December 9th. They issued a “buy” rating and a $64.00 price objective for the company. Citigroup boosted their target price 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. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $64.00 price target on shares of Synovus Financial in a research note on Thursday, December 12th.

Institutional Trading of Synovus Financial

A number of institutional investors have recently made changes to their positions in SNV. Wealth Enhancement Advisory Services LLC lifted its position in Synovus Financial by 320.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 27,111 shares of the bank’s stock valued at $1,389,000 after purchasing an additional 20,662 shares during the period. Phocas Financial Corp. lifted its holdings in shares of Synovus Financial by 90.2% during the 4th quarter. Phocas Financial Corp. now owns 177,231 shares of the bank’s stock valued at $9,080,000 after buying an additional 84,036 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Synovus Financial in the 4th quarter worth $7,799,000. Jefferies Financial Group Inc. bought a new stake in shares of Synovus Financial in the fourth quarter worth $1,780,000. Finally, Mackenzie Financial Corp purchased a new stake in Synovus Financial during the fourth quarter valued at $521,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Price Performance

Shares of SNV stock opened at $46.12 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market cap of $6.50 billion, a P/E ratio of 15.12, a P/E/G ratio of 1.11 and a beta of 1.36. The business’s 50 day moving average price is $51.56 and its 200-day moving average price is $51.11. Synovus Financial has a fifty-two week low of $33.44 and a fifty-two week high of $59.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data 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 business had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. During the same period in the previous year, the firm earned $0.80 EPS. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, equities research analysts anticipate that Synovus Financial will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be given a $0.39 dividend. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a yield of 3.38%. Synovus Financial’s payout ratio is 51.15%.

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.