Brokerages Set Synovus Financial Corp. (NYSE:SNV) Target Price at $56.17

Synovus Financial Corp. (NYSE:SNV) has received a consensus recommendation of “Moderate Buy” from the eighteen analysts that are presently covering the company, MarketBeat.com reports. Seven analysts have rated the stock with a hold recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $56.11.

SNV has been the topic of several research analyst reports. Barclays lowered their price target on Synovus Financial from $66.00 to $60.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Morgan Stanley decreased their target price on 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. Raymond James downgraded Synovus Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Royal Bank of Canada decreased their target price on Synovus Financial from $64.00 to $52.00 and set an “outperform” rating for the company in a research note on Monday, April 21st. Finally, JPMorgan Chase & Co. decreased their target price on Synovus Financial from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Monday, April 21st.

Synovus Financial Stock Up 0.3%

Shares of Synovus Financial stock opened at $49.50 on Monday. Synovus Financial has a 12-month low of $35.81 and a 12-month high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock has a 50 day moving average price of $44.32 and a two-hundred day moving average price of $50.46. The stock has a market capitalization of $6.88 billion, a P/E ratio of 16.23, a PEG ratio of 1.11 and a beta of 1.13.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.19. The business had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. Equities analysts expect that Synovus Financial will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SNV. Franklin Resources Inc. raised its position in Synovus Financial by 4.0% in the third quarter. Franklin Resources Inc. now owns 22,964 shares of the bank’s stock worth $1,069,000 after purchasing an additional 885 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in Synovus Financial by 2.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank’s stock worth $758,000 after purchasing an additional 302 shares in the last quarter. Thomasville National Bank raised its position in Synovus Financial by 5.6% in the fourth quarter. Thomasville National Bank now owns 20,231 shares of the bank’s stock worth $1,036,000 after purchasing an additional 1,066 shares in the last quarter. Wedmont Private Capital raised its position in Synovus Financial by 3.3% in the fourth quarter. Wedmont Private Capital now owns 9,401 shares of the bank’s stock worth $479,000 after purchasing an additional 299 shares in the last quarter. Finally, Cooper Financial Group acquired a new stake in shares of Synovus Financial during the fourth quarter worth approximately $212,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

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.