Synovus Financial (NYSE:SNV) Given New $52.00 Price Target at Stephens

Synovus Financial (NYSE:SNV) had its price objective raised by Stephens from $46.00 to $52.00 in a research report released on Friday morning, Benzinga reports. The firm currently has an equal weight rating on the bank’s stock.

Several other analysts have also recently commented on SNV. Barclays raised their target price on Synovus Financial from $49.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday. Morgan Stanley upped their target price on Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Citigroup began coverage on shares of Synovus Financial in a report on Thursday, October 10th. They set a “buy” rating and a $53.00 price target for the company. StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, September 12th. Finally, Piper Sandler upped their price target on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Seven research analysts have rated the stock with a hold rating and eleven have assigned 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 $51.88.

Synovus Financial Trading Down 3.3 %

NYSE:SNV opened at $48.88 on Friday. The stock has a fifty day simple moving average of $44.49 and a 200 day simple moving average of $41.33. The firm has a market capitalization of $7.16 billion, a price-to-earnings ratio of 16.74, a price-to-earnings-growth ratio of 2.36 and a beta of 1.38. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $51.69. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same period last year, the company posted $0.84 earnings per share. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. Sell-side analysts forecast that Synovus Financial will post 4.04 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s payout ratio is 52.05%.

Insiders Place Their Bets

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the 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 transaction, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNV. V Square Quantitative Management LLC acquired a new position in Synovus Financial during the third quarter valued at approximately $30,000. UMB Bank n.a. grew its holdings 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 during the last quarter. Innealta Capital LLC acquired a new position in Synovus Financial during the second quarter valued at approximately $43,000. Abich Financial Wealth Management LLC grew its holdings 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 valued at $49,000 after purchasing an additional 371 shares during the last quarter. Finally, Fidelis Capital Partners LLC bought a new stake in shares of Synovus Financial in the first quarter valued at approximately $51,000. 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.