Synovus Financial Corp. (NYSE:SNV) Given Consensus Rating of “Moderate Buy” by Analysts

Synovus Financial Corp. (NYSE:SNV) has earned an average recommendation of “Moderate Buy” from the eighteen research firms that are currently covering the firm, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and twelve have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $58.44.

A number of research firms have commented on SNV. Citigroup boosted their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. JPMorgan Chase & Co. boosted their price target on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Piper Sandler boosted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. DA Davidson boosted their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Finally, The Goldman Sachs Group boosted their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th.

Institutional Investors Weigh In On Synovus Financial

Large investors have recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new position in Synovus Financial during the third quarter valued at approximately $30,000. Keystone Financial Group Inc. purchased a new position in Synovus Financial during the fourth quarter valued at approximately $37,000. UMB Bank n.a. grew its position in Synovus Financial by 87.2% during the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after purchasing an additional 348 shares in the last quarter. Quarry LP purchased a new position in Synovus Financial during the third quarter valued at approximately $41,000. Finally, Brooklyn Investment Group purchased a new position in Synovus Financial during the third quarter valued at approximately $56,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Trading Up 0.5 %

Synovus Financial stock opened at $56.55 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a 50-day moving average price of $53.89 and a two-hundred day moving average price of $49.56. The firm has a market capitalization of $8.01 billion, a price-to-earnings ratio of 18.54, a PEG ratio of 1.17 and a beta of 1.39. Synovus Financial has a 52-week low of $33.44 and a 52-week high of $59.92.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. During the same period in the previous year, the business posted $0.80 EPS. Synovus Financial’s revenue was up 18.8% on a year-over-year basis. Sell-side analysts expect that Synovus Financial will post 4.86 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.69%. Synovus Financial’s dividend payout ratio is currently 49.84%.

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.