Synovus Financial (NYSE:SNV) Receives New Coverage from Analysts at Citigroup

Citigroup initiated coverage on shares of Synovus Financial (NYSE:SNV) in a research note published on Thursday, Marketbeat.com reports. The firm issued a buy rating and a $53.00 price target on the bank’s stock.

Other research analysts have also issued reports about the stock. DA Davidson boosted their price target on shares of Synovus Financial from $47.00 to $55.00 and gave the stock a buy rating in a research note on Friday, July 19th. Truist Financial boosted their price objective on shares of Synovus Financial from $50.00 to $52.00 and gave the stock a buy rating in a report on Friday, September 20th. Barclays boosted their price objective on shares of Synovus Financial from $46.00 to $47.00 and gave the stock an overweight rating in a report on Friday, July 19th. Raymond James raised shares of Synovus Financial from a market perform rating to an outperform rating and set a $49.00 price objective on the stock in a report on Tuesday, September 17th. Finally, Evercore ISI decreased their price objective on shares of Synovus Financial from $50.00 to $48.00 and set an in-line rating on the stock in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $47.94.

Synovus Financial Trading Up 0.9 %

NYSE SNV opened at $43.98 on Thursday. 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 firm has a market cap of $6.33 billion, a PE ratio of 26.98, a P/E/G ratio of 2.03 and a beta of 1.38. Synovus Financial has a one year low of $24.40 and a one year high of $47.83. The firm’s fifty day moving average is $43.64 and its two-hundred day moving average is $40.92.

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, topping analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The business had revenue of $563.60 million for the quarter, compared to analyst estimates of $543.52 million. During the same period in the previous year, the business posted $1.16 earnings per share. The business’s revenue was down .7% compared to the same quarter last year. Analysts expect that Synovus Financial will post 4.02 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. Investors of record on Thursday, September 19th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s payout ratio is 93.25%.

Insider Activity at Synovus Financial

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

Hedge Funds Weigh In On Synovus Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. UMB Bank n.a. increased 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 worth $33,000 after purchasing an additional 348 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of Synovus Financial in the second quarter worth $43,000. Abich Financial Wealth Management LLC increased its position in shares of Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after acquiring an additional 371 shares in the last quarter. Fidelis Capital Partners LLC acquired a new stake in shares of Synovus Financial in the first quarter worth $51,000. Finally, Headlands Technologies LLC grew its holdings in Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock valued at $55,000 after purchasing an additional 1,105 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

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.