Synovus Financial Corp. (NYSE:SNV) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Synovus Financial Corp. (NYSE:SNV) have been assigned an average rating of “Moderate Buy” from the seventeen analysts that are covering the firm, Marketbeat reports. Six investment analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $51.88.

Several research analysts have recently commented on SNV shares. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a research note on Tuesday, September 17th. Morgan Stanley raised their price objective on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday. StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Evercore ISI cut their target price on Synovus Financial from $50.00 to $48.00 and set an “in-line” rating for the company in a research report on Wednesday, October 2nd. Finally, Barclays increased 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, October 18th.

Institutional Investors Weigh In On Synovus Financial

Institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Synovus Financial by 12.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 89,295 shares of the bank’s stock worth $3,912,000 after acquiring an additional 9,693 shares during the last quarter. Values First Advisors Inc. lifted its stake in shares of Synovus Financial by 1.1% during the 3rd quarter. Values First Advisors Inc. now owns 52,190 shares of the bank’s stock worth $2,321,000 after acquiring an additional 555 shares during the last quarter. Waldron Private Wealth LLC bought a new stake in shares of Synovus Financial during the 3rd quarter worth approximately $109,000. Signaturefd LLC lifted its stake in shares of Synovus Financial by 0.6% during the 3rd quarter. Signaturefd LLC now owns 55,823 shares of the bank’s stock worth $2,482,000 after acquiring an additional 338 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Synovus Financial by 4.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 239,165 shares of the bank’s stock worth $10,636,000 after acquiring an additional 9,721 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

Synovus Financial Stock Performance

Shares of SNV stock opened at $48.99 on Thursday. The company has a 50 day moving average price of $44.79 and a 200-day moving average price of $41.49. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $51.69. The firm has a market capitalization of $7.17 billion, a PE ratio of 16.78, a P/E/G ratio of 2.36 and a beta of 1.38. 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 quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. The firm had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.84 earnings per share. As a group, equities research analysts expect 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. Stockholders of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.10%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s payout ratio is 52.05%.

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.