Synovus Financial (NYSE:SNV) Sets New 1-Year High – What’s Next?

Synovus Financial Corp. (NYSE:SNV)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $59.83 and last traded at $59.78, with a volume of 68885 shares trading hands. The stock had previously closed at $57.62.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Morgan Stanley boosted their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Evercore ISI upped their target price on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Wells Fargo & Company cut Synovus Financial from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $48.00 to $46.00 in a report on Tuesday, October 1st. Stephens lifted their target price on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. Finally, Citigroup set a $59.00 target price on shares of Synovus Financial in a report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $52.71.

Synovus Financial Price Performance

The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The stock has a market cap of $8.31 billion, a PE ratio of 26.07, a PEG ratio of 2.08 and a beta of 1.37. The business has a 50-day moving average price of $49.06 and a 200 day moving average price of $44.16.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating the consensus estimate 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 net margin of 10.82% and a return on equity of 13.43%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.84 earnings per share. As a group, research analysts forecast that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s payout ratio is 68.78%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP lifted its position in Synovus Financial by 12.8% during the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after purchasing an additional 1,095,557 shares during the last quarter. Millennium Management LLC raised its position in shares of Synovus Financial by 181.0% during the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after buying an additional 838,932 shares in the last quarter. FMR LLC lifted its holdings in shares of Synovus Financial by 5.4% during the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after acquiring an additional 598,644 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after acquiring an additional 491,036 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. bought a new position in Synovus Financial in the second quarter valued at $19,434,000. 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.