Analysts Set Synovus Financial Corp. (NYSE:SNV) PT at $58.17

Shares of Synovus Financial Corp. (NYSE:SNV) have earned an average recommendation of “Moderate Buy” from the eighteen ratings firms that are covering the stock, MarketBeat reports. Seven investment analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $56.17.

A number of research analysts have recently commented on SNV shares. Citigroup raised their price target on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Friday, January 17th. Raymond James cut shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Barclays dropped their target price on Synovus Financial from $66.00 to $60.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Wells Fargo & Company lowered their price target on Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. Finally, Stephens dropped their price objective on Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Monday.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $40.19 on Thursday. The firm’s 50 day moving average is $46.39 and its two-hundred day moving average is $50.76. The firm has a market capitalization of $5.67 billion, a P/E ratio of 13.18, a PEG ratio of 1.11 and a beta of 1.16. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial has a 52 week low of $34.66 and a 52 week high of $59.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.19. The business had revenue of $573.24 million during the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Analysts anticipate that Synovus Financial will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were issued a $0.39 dividend. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.88%. Synovus Financial’s dividend payout ratio is currently 43.70%.

Institutional Trading of Synovus Financial

Several institutional investors have recently made changes to their positions in the stock. Colonial Trust Co SC lifted its position in Synovus Financial by 554.4% in the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock worth $30,000 after buying an additional 499 shares in the last quarter. Keystone Financial Group Inc. acquired a new stake in Synovus Financial during the fourth quarter valued at $37,000. Jones Financial Companies Lllp grew its stake in Synovus Financial by 72.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after purchasing an additional 461 shares in the last quarter. V Square Quantitative Management LLC increased its position in Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after purchasing an additional 466 shares during the last quarter. Finally, Millstone Evans Group LLC acquired a new stake in shares of Synovus Financial during the 4th quarter valued at about $59,000. 83.85% of the stock is currently 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.