Synovus Financial (NYSE:SNV) Sets New 1-Year High – Still a Buy?

Synovus Financial Corp. (NYSE:SNV) reached a new 52-week high on Wednesday . The company traded as high as $55.50 and last traded at $55.31, with a volume of 42952 shares traded. The stock had previously closed at $49.78.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SNV. StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Morgan Stanley increased their price target on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Citigroup set a $59.00 price target on Synovus Financial in a research note on Friday, October 18th. Truist Financial increased their price target on Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a research note on Tuesday, September 17th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $52.24.

Synovus Financial Price Performance

The firm has a fifty day simple moving average of $45.89 and a 200 day simple moving average of $42.38. The company has a market capitalization of $8.40 billion, a PE ratio of 26.17, a P/E/G ratio of 1.76 and a beta of 1.37. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The business had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business’s revenue was up 2.6% compared to the same quarter last year. During the same period last year, the business posted $0.84 EPS. Equities analysts anticipate that Synovus Financial Corp. will post 4.36 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.60%. Synovus Financial’s dividend payout ratio is currently 68.78%.

Hedge Funds Weigh In On Synovus Financial

A number of institutional investors have recently modified their holdings of SNV. V Square Quantitative Management LLC purchased a new position in shares of Synovus Financial during the 3rd quarter valued at about $30,000. UMB Bank n.a. increased its stake in shares of Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after purchasing an additional 348 shares in the last quarter. Innealta Capital LLC purchased a new position in shares of Synovus Financial in the 2nd quarter valued at about $43,000. 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 valued at $49,000 after purchasing an additional 371 shares in the last quarter. Finally, Fidelis Capital Partners LLC purchased a new position in shares of Synovus Financial in the 1st quarter valued at about $51,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

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.