Synovus Financial (NYSE:SNV) Price Target Raised to $54.00

Synovus Financial (NYSE:SNV) had its target price boosted by Evercore ISI from $48.00 to $54.00 in a report released on Wednesday morning, Benzinga reports. Evercore ISI currently has an in-line rating on the bank’s stock.

SNV has been the topic of several other reports. StockNews.com upgraded shares of Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Barclays lifted their target price on Synovus Financial from $49.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Wells Fargo & Company cut shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $48.00 to $46.00 in a research note on Tuesday, October 1st. Jefferies Financial Group increased their price objective on shares of Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Finally, Stephens increased their price target on Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $52.24.

Synovus Financial Stock Performance

Synovus Financial stock opened at $49.39 on Wednesday. The business’s 50-day moving average price is $45.74 and its two-hundred day moving average price is $42.09. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The stock has a market cap of $7.11 billion, a PE ratio of 22.35, a P/E/G ratio of 1.81 and a beta of 1.37. Synovus Financial has a 12-month low of $26.52 and a 12-month high of $51.69.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. The firm had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.84 earnings per share. As a group, analysts expect that Synovus Financial will post 4.34 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

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. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.08%. Synovus Financial’s dividend payout ratio (DPR) is 68.78%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SNV. State of Michigan Retirement System grew its holdings in shares of Synovus Financial by 2.3% during the first quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock worth $1,438,000 after buying an additional 800 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Synovus Financial by 2.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 49,151 shares of the bank’s stock valued at $1,969,000 after acquiring an additional 953 shares during the last quarter. Fidelis Capital Partners LLC acquired a new stake in Synovus Financial during the first quarter worth about $51,000. Nordea Investment Management AB boosted its holdings in Synovus Financial by 24.5% in the 1st quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock valued at $13,233,000 after purchasing an additional 64,621 shares during the last quarter. Finally, FinTrust Capital Advisors LLC grew its stake in shares of Synovus Financial by 893.9% in the 1st quarter. FinTrust Capital Advisors LLC now owns 1,968 shares of the bank’s stock valued at $79,000 after buying an additional 1,770 shares during the period. 83.85% of the stock is owned by hedge funds and other 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.