Synovus Financial (NYSE:SNV) Reaches New 12-Month High – Time to Buy?

Shares of Synovus Financial Corp. (NYSE:SNV) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $47.85 and last traded at $47.66, with a volume of 358416 shares changing hands. The stock had previously closed at $46.54.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods increased their target price on shares of Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 9th. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a report on Tuesday, September 17th. Truist Financial increased their price target on Synovus Financial from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday, September 20th. JPMorgan Chase & Co. reduced their price objective on shares of Synovus Financial from $55.00 to $52.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Finally, DA Davidson raised their target price on shares of Synovus Financial from $47.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Synovus Financial presently has a consensus rating of “Moderate Buy” and an average target price of $47.94.

Synovus Financial Stock Up 1.7 %

The stock has a market capitalization of $6.93 billion, a price-to-earnings ratio of 15.94, a price-to-earnings-growth ratio of 2.05 and a beta of 1.38. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. The firm has a 50 day simple moving average of $43.83 and a 200-day simple moving average of $41.04.

Synovus Financial (NYSE:SNV) last posted its 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. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company had revenue of $563.60 million during the quarter, compared to analysts’ expectations of $543.52 million. During the same quarter in the previous year, the company posted $1.16 earnings per share. Synovus Financial’s quarterly revenue was down .7% compared to the same quarter last year. On average, sell-side analysts forecast that Synovus Financial Corp. will post 4.02 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed 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 annualized dividend and a yield of 3.21%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s payout ratio is presently 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 shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the transaction, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Synovus Financial

Several institutional investors have recently modified their holdings of the business. UMB Bank n.a. boosted its stake in Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after acquiring an additional 348 shares during the last quarter. Innealta Capital LLC bought a new position in shares of Synovus Financial in the 2nd quarter worth $43,000. Abich Financial Wealth Management LLC grew its stake in shares of 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 purchasing an additional 371 shares during the period. Fidelis Capital Partners LLC bought a new stake in Synovus Financial in the first quarter valued at about $51,000. Finally, Headlands Technologies LLC lifted its stake in Synovus Financial by 404.8% in the second 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. Institutional investors and hedge funds own 83.85% of the company’s stock.

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.