Synovus Financial (NYSE:SNV) Price Target Raised to $59.00 at JPMorgan Chase & Co.

Synovus Financial (NYSE:SNV) had its price target upped by JPMorgan Chase & Co. from $52.00 to $59.00 in a report published on Friday, Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

Several other analysts also recently commented on SNV. Morgan Stanley raised their price objective on Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Stephens increased their target price on Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. Piper Sandler increased their target price on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Barclays increased their target price on Synovus Financial from $49.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Royal Bank of Canada increased their target price on Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a report on Friday. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Synovus Financial currently has an average rating of “Moderate Buy” and a consensus price target of $51.88.

Synovus Financial Stock Performance

SNV stock opened at $48.88 on Friday. The business’s fifty day moving average is $44.49 and its 200-day moving average is $41.33. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The company has a market cap of $7.16 billion, a P/E ratio of 16.74, a price-to-earnings-growth ratio of 2.36 and a beta of 1.38. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $51.69.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. The business had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.84 EPS. Equities research analysts forecast that Synovus Financial will post 4.04 EPS for the current year.

Synovus Financial Dividend Announcement

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

Insider Transactions at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SNV. Millennium Management LLC grew its position in shares of Synovus Financial by 181.0% during the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after acquiring an additional 838,932 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Synovus Financial by 9.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after acquiring an additional 491,036 shares during the period. Diamond Hill Capital Management Inc. purchased a new stake in shares of Synovus Financial during the 2nd quarter valued at approximately $19,434,000. Interval Partners LP lifted its stake in shares of Synovus Financial by 74.2% during the 1st quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock valued at $15,570,000 after buying an additional 165,548 shares in the last quarter. Finally, Wedge Capital Management L L P NC lifted its stake in shares of Synovus Financial by 14.9% during the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock valued at $46,025,000 after buying an additional 148,842 shares in the last quarter. 83.85% of the stock is owned by institutional investors.

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.