Synovus Financial (NYSE:SNV) Hits New 52-Week High – Still a Buy?

Shares of Synovus Financial Corp. (NYSE:SNV) reached a new 52-week high on Tuesday . The stock traded as high as $47.85 and last traded at $47.66, with a volume of 358416 shares changing hands. The stock had previously closed at $46.54.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. DA Davidson raised their target price on Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Stephens lifted their price objective on Synovus Financial from $43.00 to $46.00 and gave the company an “equal weight” rating in a report on Friday, July 19th. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a report on Tuesday, September 17th. Piper Sandler lifted their price target on shares of Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Finally, Morgan Stanley upped their price objective on shares of Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average target price of $47.94.

Synovus Financial Stock Performance

The stock’s 50-day moving average is $44.31 and its 200 day moving average is $41.21. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The firm has a market cap of $7.32 billion, a P/E ratio of 31.20, a PEG ratio of 2.18 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. During the same quarter last year, the firm posted $0.84 earnings per share. Synovus Financial’s revenue was up 2.6% compared to the same quarter last year. On average, research analysts predict that Synovus Financial Corp. will post 4 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s payout ratio is 93.25%.

Insider Activity

In related news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s 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 approximately $685,284.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.81% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Nordea Investment Management AB increased its stake in shares of Synovus Financial by 24.5% during the 1st quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock worth $13,233,000 after purchasing an additional 64,621 shares during the last quarter. &PARTNERS acquired a new stake in shares of Synovus Financial in the second quarter valued at approximately $284,000. Texas Permanent School Fund Corp boosted its stake in shares of Synovus Financial by 19.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after acquiring an additional 25,028 shares during the period. Private Capital Management LLC increased its holdings in shares of Synovus Financial by 6.2% during the 1st quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock worth $14,644,000 after acquiring an additional 21,456 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp raised its stake in Synovus Financial by 92.0% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock valued at $1,852,000 after acquiring an additional 22,621 shares during the period. 83.85% of the stock is currently owned by 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.