Synovus Financial Corp. (NYSE:SNV) Receives Average Rating of “Moderate Buy” from Brokerages

Synovus Financial Corp. (NYSE:SNV) has earned an average recommendation of “Moderate Buy” from the seventeen brokerages that are currently covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $52.71.

Several research analysts have recently weighed in on SNV shares. Royal Bank of Canada upped their target price on shares of Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Bank of America increased their price objective on shares of Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Truist Financial increased their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Barclays increased their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Finally, Wells Fargo & Company downgraded shares of 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 research report on Tuesday, October 1st.

Hedge Funds Weigh In On Synovus Financial

Several large investors have recently bought and sold shares of SNV. Geode Capital Management LLC boosted its position in shares of Synovus Financial by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock valued at $107,633,000 after purchasing an additional 22,549 shares in the last quarter. Vestcor Inc boosted its position in shares of Synovus Financial by 150.3% during the 3rd quarter. Vestcor Inc now owns 26,644 shares of the bank’s stock valued at $1,185,000 after purchasing an additional 16,000 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Synovus Financial by 1.2% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 56,284 shares of the bank’s stock valued at $2,503,000 after purchasing an additional 643 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Synovus Financial during the 3rd quarter valued at about $1,405,000. Finally, iSAM Funds UK Ltd bought a new position in shares of Synovus Financial during the 3rd quarter valued at about $621,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Performance

NYSE:SNV opened at $55.72 on Monday. Synovus Financial has a 1-year low of $29.34 and a 1-year high of $59.79. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The firm has a 50 day simple moving average of $47.83 and a 200-day simple moving average of $43.54. The firm has a market cap of $7.89 billion, a PE ratio of 25.21, a P/E/G ratio of 2.01 and a beta of 1.37.

Synovus Financial (NYSE:SNV) last issued its quarterly 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 net margin of 10.82% and a return on equity of 13.43%. The firm had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. During the same quarter in the prior year, the business posted $0.84 earnings per share. Synovus Financial’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, equities analysts expect that Synovus Financial will post 4.36 EPS for the current year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 2.73%. Synovus Financial’s payout ratio is 68.78%.

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.