Barclays Increases Synovus Financial (NYSE:SNV) Price Target to $64.00

Synovus Financial (NYSE:SNVFree Report) had its price objective lifted by Barclays from $56.00 to $64.00 in a research report report published on Friday,Benzinga reports. Barclays currently has an overweight rating on the bank’s stock.

SNV has been the subject of several other reports. Bank of America increased their price objective on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Friday, October 18th. DA Davidson increased their price objective on Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Stephens increased their price objective on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Morgan Stanley increased their price objective on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Finally, Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a report on Tuesday, September 17th. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Synovus Financial presently has a consensus rating of “Moderate Buy” and an average price target of $52.71.

Check Out Our Latest Stock Report on SNV

Synovus Financial Stock Performance

Shares of Synovus Financial stock opened at $58.72 on Friday. The stock has a market cap of $8.32 billion, a PE ratio of 26.57, a price-to-earnings-growth ratio of 2.05 and a beta of 1.37. The business has a fifty day simple moving average of $46.81 and a 200-day simple moving average of $42.97. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial has a 12 month low of $26.76 and a 12 month high of $59.79.

Synovus Financial (NYSE:SNVGet Free Report) last issued its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business had revenue of $564.72 million during the quarter, compared to analysts’ expectations 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, sell-side analysts anticipate that Synovus Financial will post 4.36 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

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

Institutional Investors Weigh In On Synovus Financial

A number of institutional investors have recently added to or reduced their stakes in SNV. Janney Montgomery Scott LLC grew its position in Synovus Financial by 2.0% during the first quarter. Janney Montgomery Scott LLC now owns 49,151 shares of the bank’s stock worth $1,969,000 after buying an additional 953 shares in the last quarter. Texas Permanent School Fund Corp grew its position in Synovus Financial by 1.5% during the first quarter. Texas Permanent School Fund Corp now owns 127,989 shares of the bank’s stock worth $5,127,000 after buying an additional 1,840 shares in the last quarter. Swiss National Bank grew its position in Synovus Financial by 0.3% during the first quarter. Swiss National Bank now owns 288,819 shares of the bank’s stock worth $11,570,000 after buying an additional 800 shares in the last quarter. Inspire Advisors LLC grew its position in Synovus Financial by 2.8% during the first quarter. Inspire Advisors LLC now owns 31,281 shares of the bank’s stock worth $1,253,000 after buying an additional 857 shares in the last quarter. Finally, Qsemble Capital Management LP acquired a new stake in Synovus Financial during the first quarter worth about $1,010,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Synovus Financial (NYSE:SNV)

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