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

Synovus Financial (NYSE:SNV) had its target price boosted by JPMorgan Chase & Co. from $60.50 to $62.00 in a report published on Friday morning,Benzinga reports. They currently have an overweight rating on the bank’s stock.

SNV has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a report on Monday, December 9th. They set a “buy” rating and a $64.00 price objective for the company. StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Stephens restated an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a report on Thursday. The Goldman Sachs Group increased their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Finally, Morgan Stanley upped their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $58.44.

Synovus Financial Price Performance

Shares of SNV stock opened at $54.60 on Friday. The company has a market cap of $7.73 billion, a P/E ratio of 24.70, a PEG ratio of 1.31 and a beta of 1.39. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The stock’s 50-day moving average is $54.23 and its 200 day moving average is $48.41. Synovus Financial has a 1-year low of $33.44 and a 1-year high of $59.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. During the same quarter in the previous year, the firm earned $0.80 EPS. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. Research analysts predict that Synovus Financial will post 4.39 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

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

Institutional Trading of Synovus Financial

Several institutional investors have recently bought and sold shares of the business. Vanguard Personalized Indexing Management LLC lifted its position in shares of Synovus Financial by 8.9% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 20,847 shares of the bank’s stock valued at $838,000 after buying an additional 1,706 shares in the last quarter. Blair William & Co. IL purchased a new position in Synovus Financial during the second quarter valued at $236,000. Hsbc Holdings PLC lifted its holdings in Synovus Financial by 27.4% during the second quarter. Hsbc Holdings PLC now owns 12,018 shares of the bank’s stock valued at $480,000 after purchasing an additional 2,586 shares in the last quarter. Intech Investment Management LLC acquired a new stake in shares of Synovus Financial in the second quarter valued at about $1,751,000. Finally, AE Wealth Management LLC purchased a new stake in shares of Synovus Financial during the second quarter worth about $510,000. 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.