Synovus Financial Corp. (NYSE:SNV) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Synovus Financial Corp. (NYSE:SNV) have been given a consensus rating of “Moderate Buy” by the eighteen ratings firms that are presently covering the company, Marketbeat reports. Six research analysts have rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $58.67.

Several analysts have recently weighed in on SNV shares. UBS Group started coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price objective for the company. Piper Sandler lifted their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Wells Fargo & Company lifted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft started coverage on shares of Synovus Financial in a research note on Monday, December 9th. They issued a “buy” rating and a $64.00 price objective for the company. Finally, The Goldman Sachs Group lifted their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th.

Institutional Trading of Synovus Financial

Institutional investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC lifted its stake in Synovus Financial by 320.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 27,111 shares of the bank’s stock worth $1,389,000 after acquiring an additional 20,662 shares during the period. Phocas Financial Corp. increased its stake in shares of Synovus Financial by 90.2% in the 4th quarter. Phocas Financial Corp. now owns 177,231 shares of the bank’s stock worth $9,080,000 after acquiring an additional 84,036 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Synovus Financial during the 4th quarter valued at about $7,799,000. Jefferies Financial Group Inc. bought a new stake in Synovus Financial during the fourth quarter worth about $1,780,000. Finally, Mackenzie Financial Corp purchased a new stake in Synovus Financial in the fourth quarter worth about $521,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Up 0.1 %

Synovus Financial stock opened at $47.35 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. Synovus Financial has a 52-week low of $33.44 and a 52-week high of $59.92. The firm has a 50 day moving average price of $52.18 and a two-hundred day moving average price of $50.96. The firm has a market cap of $6.68 billion, a price-to-earnings ratio of 15.53, a PEG ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. During the same quarter last year, the business earned $0.80 EPS. The company’s revenue was up 18.8% compared to the same quarter last year. Equities analysts predict that Synovus Financial will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $1.56 annualized dividend and a yield of 3.29%. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio is currently 51.15%.

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.