Synovus Financial (NYSE:SNV) PT Raised to $56.00 at Barclays

Synovus Financial (NYSE:SNV) had its price objective hoisted by Barclays from $49.00 to $56.00 in a research report report published on Friday morning, Benzinga reports. They currently have an overweight rating on the bank’s stock.

SNV has been the topic of a number of other reports. Royal Bank of Canada lifted their price target on Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research note on Friday. Stephens lifted their price target on Synovus Financial from $43.00 to $46.00 and gave the company an “equal weight” rating in a research note on Friday, July 19th. Piper Sandler boosted their target price on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Citigroup assumed coverage on Synovus Financial in a research report on Thursday, October 10th. They set a “buy” rating and a $53.00 target price on the stock. Finally, Keefe, Bruyette & Woods boosted their target price on Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 9th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.88.

Synovus Financial Trading Down 3.3 %

NYSE:SNV opened at $48.88 on Friday. The firm has a market cap of $7.16 billion, a P/E ratio of 16.74, a PEG ratio of 2.36 and a beta of 1.38. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.42. The stock’s 50 day simple moving average is $44.49 and its 200-day simple moving average is $41.33. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $51.69.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. During the same quarter in the previous year, the company posted $0.84 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. Equities analysts anticipate that Synovus Financial will post 4.04 EPS for the current year.

Synovus Financial Dividend Announcement

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

Insider Activity at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was 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 directly owns 14,833 shares in the company, valued at approximately $685,284.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its stake in Synovus Financial by 9.3% during the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after acquiring an additional 491,036 shares during the last quarter. Millennium Management LLC increased its stake in Synovus Financial by 181.0% during the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after acquiring an additional 838,932 shares during the last quarter. Wedge Capital Management L L P NC increased its stake in Synovus Financial by 14.9% during the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after acquiring an additional 148,842 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Synovus Financial by 2.6% in the first quarter. Principal Financial Group Inc. now owns 550,500 shares of the bank’s stock worth $22,053,000 after buying an additional 13,690 shares during the period. Finally, Diamond Hill Capital Management Inc. purchased a new stake in shares of Synovus Financial in the second quarter worth about $19,434,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.