Synovus Financial Corp. (NYSE:SNV) Receives $41.38 Average Target Price from Analysts

Synovus Financial Corp. (NYSE:SNV) has been assigned an average recommendation of “Moderate Buy” from the sixteen analysts that are currently covering the stock, MarketBeat Ratings reports. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $41.38.

Several equities research analysts have weighed in on SNV shares. Evercore ISI increased their price target on Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a research report on Thursday, March 28th. Raymond James downgraded shares of Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday, April 18th. Truist Financial dropped their target price on Synovus Financial from $45.00 to $39.00 and set a “buy” rating on the stock in a research report on Monday, April 22nd. The Goldman Sachs Group cut their price target on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a research note on Friday, April 19th. Finally, DA Davidson lowered their price target on Synovus Financial from $45.00 to $43.00 and set a “buy” rating on the stock in a research report on Friday, April 19th.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $38.08 on Thursday. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $40.92. The business’s 50 day moving average price is $37.90 and its 200 day moving average price is $35.20. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. The firm has a market cap of $5.58 billion, a P/E ratio of 13.04, a P/E/G ratio of 4.32 and a beta of 1.41.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. During the same period last year, the company earned $1.33 earnings per share. The firm’s revenue was down 12.4% on a year-over-year basis. On average, sell-side analysts expect that Synovus Financial will post 3.77 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s payout ratio is 52.05%.

Institutional Trading of Synovus Financial

Large investors have recently bought and sold shares of the business. Wellington Management Group LLP grew its holdings in Synovus Financial by 56.9% in the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after buying an additional 2,843,488 shares in the last quarter. Channing Capital Management LLC purchased a new stake in shares of Synovus Financial in the fourth quarter valued at about $72,201,000. Norges Bank purchased a new stake in shares of Synovus Financial in the fourth quarter valued at about $59,941,000. North Reef Capital Management LP increased its position in Synovus Financial by 52.7% during the third quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after purchasing an additional 1,548,370 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Synovus Financial by 24.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock worth $194,951,000 after purchasing an additional 1,016,231 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

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.