Synovus Financial (NYSE:SNV) Price Target Raised to $62.00 at The Goldman Sachs Group

Synovus Financial (NYSE:SNV) had its price objective upped by The Goldman Sachs Group from $52.00 to $62.00 in a report published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the bank’s stock.

SNV has been the subject of several other research reports. Bank of America lifted their price objective on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Barclays lifted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Citigroup set a $59.00 price objective on shares of Synovus Financial in a research report on Friday, October 18th. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Royal Bank of Canada boosted their target price on shares of Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $53.94.

Synovus Financial Stock Down 1.2 %

NYSE:SNV opened at $57.94 on Tuesday. The stock’s fifty day moving average is $49.34 and its two-hundred day moving average is $44.30. Synovus Financial has a 52 week low of $29.34 and a 52 week high of $59.92. 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 stock has a market capitalization of $8.21 billion, a price-to-earnings ratio of 26.23, a price-to-earnings-growth ratio of 2.08 and a beta of 1.37.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. The company had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.84 EPS. Research analysts anticipate that Synovus Financial will post 4.37 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.62%. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

Institutional Trading of Synovus Financial

Institutional investors and hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC increased its stake in Synovus Financial by 6.5% in the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock valued at $167,000 after purchasing an additional 229 shares during the period. Fifth Third Bancorp increased its position in Synovus Financial by 7.0% in the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock valued at $151,000 after acquiring an additional 245 shares during the period. Dana Investment Advisors Inc. raised its stake in Synovus Financial by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock valued at $1,437,000 after acquiring an additional 254 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Synovus Financial by 18.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after acquiring an additional 298 shares during the period. Finally, Hanseatic Management Services Inc. grew its stake in shares of Synovus Financial by 2.6% in the 2nd quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank’s stock valued at $478,000 after purchasing an additional 303 shares during the last quarter. Hedge funds and other institutional investors 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.