Synovus Financial (NYSE:SNV) Given New $65.00 Price Target at Barclays

Synovus Financial (NYSE:SNV) had its target price lowered by Barclays from $70.00 to $65.00 in a research note published on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the bank’s stock.

SNV has been the topic of a number of other research reports. Royal Bank Of Canada cut their price target on Synovus Financial from $64.00 to $52.00 and set an “outperform” rating on the stock in a research note on Monday, April 21st. Morgan Stanley raised their price objective on Synovus Financial from $58.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Friday, July 18th. Wall Street Zen raised Synovus Financial from a “hold” rating to a “buy” rating in a research note on Saturday. DA Davidson raised their price objective on Synovus Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, July 18th. Finally, Jefferies Financial Group started coverage on Synovus Financial in a research note on Wednesday, May 21st. They set a “hold” rating and a $55.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $60.33.

Synovus Financial Stock Performance

SNV stock opened at $48.88 on Monday. The business’s fifty day moving average is $50.96 and its 200-day moving average is $49.32. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. The company has a market cap of $6.79 billion, a P/E ratio of 9.38, a price-to-earnings-growth ratio of 0.84 and a beta of 1.19. Synovus Financial has a twelve month low of $35.94 and a twelve month high of $61.06.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.23. The company had revenue of $592.08 million for the quarter, compared to the consensus estimate of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%. During the same quarter in the prior year, the business posted $1.16 EPS. Equities research analysts forecast that Synovus Financial will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend was Wednesday, June 18th. Synovus Financial’s payout ratio is 29.94%.

Hedge Funds Weigh In On Synovus Financial

Several hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC grew its holdings in Synovus Financial by 168.2% during the first quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank’s stock worth $130,546,000 after purchasing an additional 1,791,973 shares during the period. Norges Bank bought a new position in Synovus Financial during the fourth quarter worth about $77,209,000. Invesco Ltd. grew its holdings in Synovus Financial by 201.0% during the first quarter. Invesco Ltd. now owns 820,782 shares of the bank’s stock worth $38,363,000 after purchasing an additional 548,092 shares during the period. FMR LLC grew its holdings in Synovus Financial by 3.6% during the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock worth $616,892,000 after purchasing an additional 415,201 shares during the period. Finally, Millennium Management LLC grew its holdings in Synovus Financial by 125.5% during the first quarter. Millennium Management LLC now owns 646,098 shares of the bank’s stock worth $30,199,000 after purchasing an additional 359,568 shares during the period. 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.