Synovus Financial (NYSE:SNV) Price Target Raised to $62.00

Synovus Financial (NYSE:SNV) had its price objective increased by Citigroup from $59.00 to $62.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

SNV has been the topic of several other reports. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Synovus Financial in a report on Monday, December 9th. They issued a “buy” rating and a $64.00 price target on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research note on Friday. 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 report on Friday, October 18th. Finally, Truist Financial boosted their price target on Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average target price of $58.44.

Synovus Financial Trading Up 0.7 %

Shares of SNV opened at $54.60 on Friday. Synovus Financial has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The company has a market capitalization of $7.73 billion, a PE ratio of 24.70, a price-to-earnings-growth ratio of 1.31 and a beta of 1.39. The stock has a fifty day moving average of $54.23 and a two-hundred day moving average of $48.41. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating the consensus estimate of $1.16 by $0.09. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. During the same period in the prior year, the firm posted $0.80 earnings per share. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, analysts forecast that Synovus Financial will post 4.39 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s payout ratio is 68.78%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. V Square Quantitative Management LLC acquired a new position in shares of Synovus Financial in the 3rd quarter valued at approximately $30,000. UMB Bank n.a. raised its holdings in Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after acquiring an additional 348 shares in the last quarter. Quarry LP bought a new position in Synovus Financial during the 3rd quarter valued at $41,000. Brooklyn Investment Group acquired a new position in Synovus Financial during the 3rd quarter worth $56,000. Finally, Abich Financial Wealth Management LLC increased its position in shares of Synovus Financial by 30.6% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 1,598 shares of the bank’s stock worth $64,000 after purchasing an additional 374 shares during the last quarter. Hedge funds and other 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.