Brokerages Set Synovus Financial Corp. (NYSE:SNV) Target Price at $46.81

Shares of Synovus Financial Corp. (NYSE:SNV) have earned an average recommendation of “Moderate Buy” from the sixteen research firms that are presently covering the firm, MarketBeat Ratings reports. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $47.44.

A number of analysts recently commented on the stock. Wells Fargo & Company cut shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $48.00 to $46.00 in a research note on Tuesday. DA Davidson boosted their price objective on shares of Synovus Financial from $47.00 to $55.00 and gave the company a “buy” rating in a report on Friday, July 19th. Jefferies Financial Group raised their target price on Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Barclays boosted their price target on Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Finally, JPMorgan Chase & Co. raised their price objective on Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th.

Insider Buying and Selling

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction on 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 transaction, the executive vice president now owns 14,833 shares of the company’s stock, valued at $685,284.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Innealta Capital LLC purchased a new stake in Synovus Financial in the 2nd quarter worth $43,000. Abich Financial Wealth Management LLC grew its position in shares of Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after purchasing an additional 371 shares during the period. Fidelis Capital Partners LLC acquired a new position in shares of Synovus Financial during the 1st quarter worth about $51,000. Headlands Technologies LLC lifted its stake in Synovus Financial by 404.8% in the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock valued at $55,000 after buying an additional 1,105 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in Synovus Financial by 18.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after buying an additional 298 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Stock Performance

Shares of SNV stock opened at $42.74 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. The company has a market cap of $6.26 billion, a PE ratio of 14.64, a PEG ratio of 3.29 and a beta of 1.39. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $47.83. The business’s fifty day simple moving average is $44.01 and its 200-day simple moving average is $40.73.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company had revenue of $563.60 million during the quarter, compared to analysts’ expectations of $543.52 million. During the same period last year, the business posted $1.16 earnings per share. The firm’s revenue was down .7% compared to the same quarter last year. Analysts expect that Synovus Financial will post 4.21 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.56%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio is currently 52.05%.

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.