Synovus Financial (NYSE:SNV) Coverage Initiated by Analysts at UBS Group

UBS Group initiated coverage on shares of Synovus Financial (NYSE:SNV) in a report published on Tuesday morning, Marketbeat.com reports. The firm issued a buy rating and a $76.00 target price on the bank’s stock.

A number of other brokerages also recently weighed in on SNV. Evercore ISI boosted their target price on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Stephens upped their target price on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a report on Monday, December 9th. They set a “buy” rating and a $64.00 price target for the company. The Goldman Sachs Group upped their price objective on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Finally, Wells Fargo & Company lifted their target price on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $57.78.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $49.68 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The business has a 50-day moving average of $53.40 and a 200-day moving average of $46.19. The stock has a market capitalization of $7.04 billion, a price-to-earnings ratio of 22.48, a PEG ratio of 1.58 and a beta of 1.38. Synovus Financial has a fifty-two week low of $33.44 and a fifty-two week high of $59.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. During the same period last year, the company earned $0.84 earnings per share. The business’s revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts predict that Synovus Financial will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be issued a dividend of $0.38 per share. The ex-dividend date is Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.06%. Synovus Financial’s dividend payout ratio is presently 68.78%.

Institutional Investors Weigh In On Synovus Financial

Several institutional investors have recently made changes to their positions in the stock. V Square Quantitative Management LLC bought a new position in Synovus Financial during the 3rd quarter worth $30,000. UMB Bank n.a. increased its position in shares of Synovus Financial by 87.2% in the third 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. Quarry LP bought a new stake in Synovus Financial during the third quarter worth about $41,000. Innealta Capital LLC acquired a new stake in Synovus Financial during the second quarter worth about $43,000. Finally, Headlands Technologies LLC increased its holdings in Synovus Financial by 404.8% in the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock valued at $55,000 after buying an additional 1,105 shares during the period. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Company Profile

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.