Truist Financial Boosts Synovus Financial (NYSE:SNV) Price Target to $52.00

Synovus Financial (NYSE:SNV) had its price target upped by Truist Financial from $50.00 to $52.00 in a research note released on Friday, Benzinga reports. Truist Financial currently has a buy rating on the bank’s stock.

Several other research analysts have also recently weighed in on the company. Stephens boosted their price target on Synovus Financial from $43.00 to $46.00 and gave the company an equal weight rating in a report on Friday, July 19th. DA Davidson lifted their target price on shares of Synovus Financial from $47.00 to $55.00 and gave the company a buy rating in a report on Friday, July 19th. Royal Bank of Canada increased their price target on shares of Synovus Financial from $45.00 to $49.00 and gave the stock an outperform rating in a report on Friday, July 19th. Morgan Stanley raised their price target on shares of Synovus Financial from $41.00 to $51.00 and gave the company an equal weight rating in a research report on Monday, August 5th. Finally, Piper Sandler upped their price objective on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an overweight rating in a research report on Friday, July 19th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $46.81.

Synovus Financial Price Performance

Shares of SNV stock opened at $45.00 on Friday. The firm has a market capitalization of $6.59 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 3.50 and a beta of 1.39. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The stock’s 50-day simple moving average is $44.30 and its 200-day simple moving average is $40.48. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $47.83.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. The business had revenue of $563.60 million for the quarter, compared to analyst estimates of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. Synovus Financial’s revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.16 EPS. As a group, equities analysts forecast that Synovus Financial will post 4.05 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th will be paid a dividend of $0.38 per share. The ex-dividend date is Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 3.38%. Synovus Financial’s dividend payout ratio (DPR) is currently 52.05%.

Insider Activity

In related news, EVP Thomas T. Dierdorff sold 614 shares of the business’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 transaction of $28,366.80. Following the completion of the sale, the executive vice president now directly owns 14,833 shares in the company, valued at $685,284.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

A number of institutional investors and hedge funds have recently bought and sold shares of SNV. Innealta Capital LLC purchased a new position in Synovus Financial in the 2nd quarter worth approximately $43,000. Abich Financial Wealth Management LLC boosted its stake in Synovus Financial by 43.5% during the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after buying an additional 371 shares during the last quarter. Fidelis Capital Partners LLC purchased a new stake in Synovus Financial in the 1st quarter valued at $51,000. Headlands Technologies LLC increased its stake in shares of Synovus Financial by 404.8% in the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after acquiring an additional 1,105 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Synovus Financial by 288.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,608 shares of the bank’s stock worth $61,000 after acquiring an additional 1,194 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.