Synovus Financial Corp. (NYSE:SNV) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Synovus Financial Corp. (NYSE:SNV) have been given a consensus rating of “Moderate Buy” by the eighteen brokerages that are currently covering the company, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $57.78.

A number of analysts have recently commented on SNV shares. DA Davidson upped their price objective on Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Bank of America upped their price objective on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Citigroup set a $59.00 price target on shares of Synovus Financial in a research report on Friday, October 18th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a research report on Thursday, December 12th. Finally, Stephens upped their price target on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th.

Synovus Financial Trading Down 2.5 %

Shares of SNV opened at $53.36 on Friday. The company has a market capitalization of $7.56 billion, a PE ratio of 24.14, a price-to-earnings-growth ratio of 1.58 and a beta of 1.38. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. The stock has a fifty day moving average of $53.15 and a two-hundred day moving average of $46.13. 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 released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. The business had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.84 EPS. As a group, analysts forecast that Synovus Financial will post 4.37 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.85%. Synovus Financial’s payout ratio is 68.78%.

Hedge Funds Weigh In On Synovus Financial

Several large investors have recently modified their holdings of the stock. Oddo BHF Asset Management Sas acquired a new stake in Synovus Financial during the third quarter worth about $753,000. Franklin Resources Inc. raised its stake in Synovus Financial by 4.0% during the third quarter. Franklin Resources Inc. now owns 22,964 shares of the bank’s stock worth $1,069,000 after acquiring an additional 885 shares during the period. Sanctuary Advisors LLC acquired a new stake in Synovus Financial during the third quarter worth about $217,000. Teachers Retirement System of The State of Kentucky raised its stake in Synovus Financial by 6.6% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 120,386 shares of the bank’s stock worth $5,353,000 after acquiring an additional 7,449 shares during the period. Finally, Coldstream Capital Management Inc. acquired a new stake in Synovus Financial during the third quarter worth about $220,000. Institutional investors 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.