Analysts Set Synovus Financial Corp. (NYSE:SNV) Price Target at $46.44

Shares of Synovus Financial Corp. (NYSE:SNV) have been assigned a consensus rating of “Moderate Buy” from the sixteen analysts that are covering the stock, MarketBeat reports. Six investment analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $46.44.

A number of equities analysts have recently issued reports on the company. Piper Sandler increased their price target on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Keefe, Bruyette & Woods raised their price objective on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a research report on Tuesday, July 9th. JPMorgan Chase & Co. raised their price objective on Synovus Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Barclays raised their price objective on Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Finally, The Goldman Sachs Group dropped their price objective on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating on the stock in a research report on Friday, April 19th.

Insider Transactions at Synovus Financial

In related news, EVP D Wayne Akins, Jr. bought 24,500 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were purchased at an average cost of $37.40 per share, with a total value of $916,300.00. Following the completion of the acquisition, the executive vice president now directly owns 41,884 shares in the company, valued at $1,566,461.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP D Wayne Akins, Jr. bought 24,500 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were purchased at an average cost of $37.40 per share, with a total value of $916,300.00. Following the completion of the acquisition, the executive vice president now directly owns 41,884 shares in the company, valued at $1,566,461.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Eli Samaha sold 172,889 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $25.20, for a total value of $4,356,802.80. Following the sale, the insider now directly owns 1,293,259 shares in the company, valued at $32,590,126.80. The disclosure for this sale can be found here. Insiders sold a total of 180,326 shares of company stock worth $4,557,245 over the last three months. 0.81% of the stock is currently owned by insiders.

Institutional Trading of Synovus Financial

Several institutional investors have recently bought and sold shares of the business. Fifth Third Bancorp grew its holdings in Synovus Financial by 7.0% in the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock valued at $151,000 after purchasing an additional 245 shares during the period. Pitcairn Co. grew its holdings in Synovus Financial by 2.3% in the first quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock valued at $462,000 after purchasing an additional 261 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Synovus Financial by 18.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after purchasing an additional 298 shares during the period. Hanseatic Management Services Inc. grew its holdings in Synovus Financial by 2.6% in the second quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank’s stock valued at $478,000 after purchasing an additional 303 shares during the period. Finally, Yousif Capital Management LLC grew its holdings in Synovus Financial by 0.5% in the fourth quarter. Yousif Capital Management LLC now owns 69,749 shares of the bank’s stock valued at $2,626,000 after purchasing an additional 360 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Price Performance

SNV opened at $41.54 on Friday. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $47.83. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. The business’s fifty day simple moving average is $41.14 and its 200-day simple moving average is $39.07. The company has a market capitalization of $6.08 billion, a price-to-earnings ratio of 14.23, a PEG ratio of 3.27 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The business had revenue of $563.60 million for the quarter, compared to the consensus estimate of $543.52 million. During the same quarter in the prior year, the company earned $1.16 EPS. The business’s revenue was down .7% compared to the same quarter last year. On average, equities research analysts anticipate that Synovus Financial will post 4 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Thursday, June 20th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.66%. The ex-dividend date was Thursday, June 20th. Synovus Financial’s payout ratio is 52.05%.

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.