Synovus Financial Corp. (NYSE:SNV) Given Consensus Rating of “Hold” by Brokerages

Shares of Synovus Financial Corp. (NYSE:SNV) have earned a consensus rating of “Hold” from the seventeen analysts that are currently covering the firm, MarketBeat.com reports. Nine equities research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $59.00.

SNV has been the subject of several recent analyst reports. JPMorgan Chase & Co. dropped their price objective on Synovus Financial from $65.00 to $58.00 and set an “overweight” rating for the company in a research note on Wednesday, October 1st. Royal Bank Of Canada decreased their target price on Synovus Financial from $65.00 to $58.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. Truist Financial decreased their target price on Synovus Financial from $56.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, October 17th. Wall Street Zen upgraded Synovus Financial from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Finally, DA Davidson restated a “buy” rating and set a $63.00 target price on shares of Synovus Financial in a report on Thursday, October 16th.

Synovus Financial Stock Performance

Synovus Financial stock opened at $44.65 on Monday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a fifty day moving average price of $48.77 and a two-hundred day moving average price of $48.91. Synovus Financial has a 52-week low of $35.94 and a 52-week high of $61.06. The firm has a market capitalization of $6.20 billion, a P/E ratio of 8.33, a P/E/G ratio of 0.77 and a beta of 1.21.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.10. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The firm had revenue of $612.79 million during the quarter, compared to analyst estimates of $604.59 million. During the same period in the prior year, the company posted $1.23 earnings per share. The business’s revenue for the quarter was up 9.0% compared to the same quarter last year. As a group, analysts anticipate that Synovus Financial will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Thursday, September 18th. Synovus Financial’s dividend payout ratio is presently 29.10%.

Insider Transactions at Synovus Financial

In other news, Director Gregory G. Montana purchased 1,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The shares were acquired at an average price of $45.37 per share, for a total transaction of $45,370.00. Following the completion of the acquisition, the director directly owned 5,464 shares in the company, valued at approximately $247,901.68. The trade was a 22.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Synovus Financial

Several hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its holdings in Synovus Financial by 7.1% in the second quarter. AQR Capital Management LLC now owns 3,059,102 shares of the bank’s stock valued at $158,309,000 after acquiring an additional 201,880 shares during the last quarter. Norges Bank bought a new position in Synovus Financial in the second quarter valued at about $89,347,000. Bank of New York Mellon Corp boosted its holdings in Synovus Financial by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 1,586,599 shares of the bank’s stock valued at $82,107,000 after acquiring an additional 8,759 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in Synovus Financial by 1.4% in the first quarter. T. Rowe Price Investment Management Inc. now owns 885,612 shares of the bank’s stock valued at $41,394,000 after acquiring an additional 12,036 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Synovus Financial by 6.0% in the second quarter. Invesco Ltd. now owns 870,081 shares of the bank’s stock valued at $45,027,000 after acquiring an additional 49,299 shares during the last quarter. 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.