Synovus Financial (NYSE:SNV) Price Target Raised to $64.00

Synovus Financial (NYSE:SNV) had its target price boosted by Piper Sandler from $56.00 to $64.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

Several other research firms have also weighed in on SNV. Citigroup set a $59.00 price target on Synovus Financial in a report on Friday, October 18th. The Goldman Sachs Group increased their price target on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Evercore ISI increased their target price on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Stephens increased their target price on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Finally, DA Davidson increased their target price on Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average target price of $56.00.

Synovus Financial Stock Down 1.0 %

NYSE SNV opened at $54.15 on Wednesday. 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 company has a market capitalization of $7.67 billion, a P/E ratio of 24.50, a P/E/G ratio of 1.64 and a beta of 1.38. Synovus Financial has a one year low of $33.44 and a one year high of $59.92. The stock has a 50 day moving average price of $52.71 and a 200-day moving average price of $45.82.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. During the same quarter in the prior year, the firm posted $0.84 EPS. Synovus Financial’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, equities analysts predict that Synovus Financial will post 4.37 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend is Thursday, December 19th. Synovus Financial’s dividend payout ratio is presently 68.78%.

Institutional Investors Weigh In On Synovus Financial

Several institutional investors have recently added to or reduced their stakes in the business. Oddo BHF Asset Management Sas acquired a new stake in Synovus Financial in the third quarter worth about $753,000. Franklin Resources Inc. boosted its holdings in Synovus Financial by 4.0% in 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 in the last quarter. Sanctuary Advisors LLC acquired a new stake in Synovus Financial in the third quarter worth about $217,000. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of 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 purchasing an additional 7,449 shares during the period. Finally, Coldstream Capital Management Inc. acquired a new stake in shares of Synovus Financial during the third quarter worth about $220,000. 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.