Synovus Financial (NYSE:SNV) Given New $60.00 Price Target at DA Davidson

Synovus Financial (NYSE:SNV) had its price target upped by DA Davidson from $53.00 to $60.00 in a research note issued to investors on Friday, Marketbeat reports. DA Davidson currently has a buy rating on the bank’s stock. DA Davidson also issued estimates for Synovus Financial’s Q4 2024 earnings at $1.11 EPS.

Other equities research analysts have also issued research reports about the stock. Stephens boosted their price target on shares of Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. Barclays boosted their price target on shares of Synovus Financial from $49.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday. JPMorgan Chase & Co. upped their target price on shares of Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research report on Friday. Truist Financial boosted their price target on shares of Synovus Financial from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, September 12th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.88.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $48.88 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $51.69. The company has a 50 day simple moving average of $44.49 and a two-hundred day simple moving average of $41.33. The stock has a market cap of $7.16 billion, a price-to-earnings ratio of 16.74, a PEG ratio of 2.36 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last posted its 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. 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 quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.84 EPS. As a group, analysts predict that Synovus Financial will post 4.04 earnings per share for the current year.

Synovus Financial Announces Dividend

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

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

Several hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its holdings in shares of Synovus Financial by 4.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 239,165 shares of the bank’s stock worth $10,636,000 after purchasing an additional 9,721 shares during the period. Vest Financial LLC lifted its holdings in shares of Synovus Financial by 12.9% during the third quarter. Vest Financial LLC now owns 33,341 shares of the bank’s stock worth $1,483,000 after purchasing an additional 3,814 shares during the period. First Citizens Bank & Trust Co. lifted its holdings in shares of Synovus Financial by 6.1% during the third quarter. First Citizens Bank & Trust Co. now owns 17,515 shares of the bank’s stock worth $779,000 after purchasing an additional 1,000 shares during the period. Blue Trust Inc. lifted its holdings in shares of Synovus Financial by 83.6% during the third quarter. Blue Trust Inc. now owns 23,858 shares of the bank’s stock worth $1,061,000 after purchasing an additional 10,866 shares during the period. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Synovus Financial during the third quarter worth $30,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Company Profile

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.