Synovus Financial (NYSE:SNV) Stock Rating Upgraded by Truist Financial

Truist Financial upgraded shares of Synovus Financial (NYSE:SNV) to a strong-buy rating in a research report released on Monday,Zacks.com reports.

Several other research analysts have also commented on the stock. Wells Fargo & Company decreased their price target on shares of Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. Barclays decreased their target price on Synovus Financial from $66.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. JPMorgan Chase & Co. lowered their target price on Synovus Financial from $54.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Citigroup raised their price target on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, Royal Bank of Canada reduced their price objective on Synovus Financial from $64.00 to $52.00 and set an “outperform” rating for the company in a research report on Monday, April 21st. Eight research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.11.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $49.71 on Monday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial has a fifty-two week low of $35.81 and a fifty-two week high of $59.92. The business has a 50 day moving average price of $44.10 and a two-hundred day moving average price of $50.46. The firm has a market cap of $6.91 billion, a PE ratio of 16.30, a price-to-earnings-growth ratio of 1.11 and a beta of 1.13.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates 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%. Sell-side analysts expect that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently announced 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 dividend on an annualized basis and a yield of 3.14%. 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 currently 43.70%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SNV. Proficio Capital Partners LLC acquired a new stake in Synovus Financial in the fourth quarter worth approximately $3,798,000. Northern Trust Corp raised its stake in shares of Synovus Financial by 32.4% in the 4th quarter. Northern Trust Corp now owns 1,380,098 shares of the bank’s stock worth $70,702,000 after buying an additional 337,784 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Synovus Financial in the fourth quarter valued at $1,504,000. SG Americas Securities LLC lifted its holdings in shares of Synovus Financial by 11.0% in the fourth quarter. SG Americas Securities LLC now owns 12,547 shares of the bank’s stock valued at $643,000 after buying an additional 1,240 shares during the period. Finally, Janney Montgomery Scott LLC boosted its stake in Synovus Financial by 4.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 51,357 shares of the bank’s stock valued at $2,631,000 after buying an additional 2,166 shares in the last quarter. 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.