JPMorgan Chase & Co. Raises Synovus Financial (NYSE:SNV) Price Target to $59.00

Synovus Financial (NYSE:SNV) had its price objective raised by JPMorgan Chase & Co. from $52.00 to $59.00 in a research report sent to investors on Friday, Benzinga reports. They currently have an overweight rating on the bank’s stock.

SNV has been the subject of several other reports. Citigroup initiated coverage on Synovus Financial in a research note on Thursday, October 10th. They issued a “buy” rating and a $53.00 target price for the company. Evercore ISI reduced 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. Piper Sandler boosted their price objective on Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Keefe, Bruyette & Woods increased their target price on Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a report on Tuesday, July 9th. Finally, Royal Bank of Canada boosted their price target on shares of Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research note on Friday. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.35.

Synovus Financial Price Performance

Synovus Financial stock opened at $50.55 on Friday. The stock’s 50 day moving average price is $44.49 and its two-hundred day moving average price is $41.29. The stock has a market capitalization of $7.40 billion, a price-to-earnings ratio of 17.31, a PEG ratio of 2.18 and a beta of 1.38. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $51.69.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The business had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. During the same period in the prior year, the firm earned $0.84 earnings per share. Synovus Financial’s revenue was up 2.6% on a year-over-year basis. On average, equities analysts predict that Synovus Financial will post 4 earnings per share for the current year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s payout ratio is 52.05%.

Insiders Place Their Bets

In other news, EVP Thomas T. Dierdorff sold 614 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the transaction, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at $685,284.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors 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 worth about $30,000. UMB Bank n.a. raised its holdings in shares of Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after purchasing an additional 348 shares during the period. Innealta Capital LLC purchased a new position in Synovus Financial in the second quarter valued at approximately $43,000. Abich Financial Wealth Management LLC lifted its stake in Synovus Financial by 43.5% in 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 last quarter. Finally, Fidelis Capital Partners LLC bought a new position in Synovus Financial during the first quarter valued at $51,000. 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.