Bank of America Increases Synovus Financial (NYSE:SNV) Price Target to $57.00

Synovus Financial (NYSE:SNV) had its price objective raised by Bank of America from $48.00 to $57.00 in a report issued on Friday morning, Benzinga reports. The firm currently has a buy rating on the bank’s stock.

A number of other research analysts have also weighed in on the company. Stephens raised their target price on Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a report on Friday. Jefferies Financial Group raised their target price on Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. StockNews.com lowered Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 12th. Citigroup initiated coverage on Synovus Financial in a report on Thursday, October 10th. They issued a “buy” rating and a $53.00 target price on the stock. Finally, Royal Bank of Canada lifted their price target on Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a report on Friday. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $51.88.

Synovus Financial Stock Down 3.3 %

Shares of NYSE:SNV opened at $48.88 on Friday. The business’s 50 day simple moving average is $44.49 and its two-hundred day simple moving average is $41.33. The firm has a market cap of $7.16 billion, a P/E ratio of 16.74, a PEG ratio of 2.36 and a beta of 1.38. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $51.69.

Synovus Financial (NYSE:SNV) last announced its quarterly 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. The business had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.84 earnings per share. As a group, research analysts forecast that Synovus Financial will post 4.04 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently announced 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 3.11%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insiders Place Their Bets

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction 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 sale, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at $685,284.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

Large investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its position in shares of 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 in the last quarter. Fifth Third Bancorp grew its position in shares of Synovus Financial by 7.0% in the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock valued at $151,000 after purchasing an additional 245 shares in the last quarter. Dana Investment Advisors Inc. grew its position in shares of Synovus Financial by 0.7% in the second quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock valued at $1,437,000 after purchasing an additional 254 shares in the last quarter. Pitcairn Co. grew its position in shares of Synovus Financial by 2.3% in the first quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock valued at $462,000 after purchasing an additional 261 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in shares of Synovus Financial by 18.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after purchasing an additional 298 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other 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.