The Goldman Sachs Group Issues Positive Forecast for Synovus Financial (NYSE:SNV) Stock Price

Synovus Financial (NYSE:SNV) had its price target boosted by The Goldman Sachs Group from $52.00 to $62.00 in a report issued on Tuesday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the bank’s stock.

Other equities research analysts have also recently issued research reports about the stock. Royal Bank of Canada raised their price objective on shares of Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Wells Fargo & Company lowered shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $48.00 to $46.00 in a research report on Tuesday, October 1st. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a research report on Tuesday, September 17th. Evercore ISI raised their target price on Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Finally, Citigroup set a $59.00 price target on Synovus Financial in a research note on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.94.

Synovus Financial Stock Down 0.6 %

NYSE:SNV opened at $57.08 on Tuesday. The firm has a market capitalization of $8.09 billion, a P/E ratio of 25.83, a PEG ratio of 2.07 and a beta of 1.37. The company’s fifty day moving average price is $50.09 and its 200-day moving average price is $44.61. Synovus Financial has a 1-year low of $30.52 and a 1-year high of $59.92. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The business had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company’s revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the business posted $0.84 EPS. As a group, equities research analysts anticipate that Synovus Financial will post 4.37 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.66%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio is currently 68.78%.

Institutional Trading of Synovus Financial

Several large investors have recently bought and sold shares of the business. V Square Quantitative Management LLC acquired a new position in shares of Synovus Financial during the 3rd quarter worth approximately $30,000. UMB Bank n.a. lifted its position in Synovus Financial by 87.2% during the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after buying an additional 348 shares in the last quarter. Quarry LP acquired a new position in Synovus Financial during the third quarter worth $41,000. Innealta Capital LLC purchased a new stake in Synovus Financial in the 2nd quarter valued at $43,000. Finally, Abich Financial Wealth Management LLC increased its stake in shares of Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after acquiring an additional 371 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

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.