Synovus Financial (NYSE:SNV) Given New $57.00 Price Target at Bank of America

Synovus Financial (NYSE:SNV) had its target price lifted by Bank of America from $48.00 to $57.00 in a report released on Friday morning, Benzinga reports. They currently have a buy rating on the bank’s stock.

Several other brokerages have also commented on SNV. Wells Fargo & Company lowered shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $48.00 to $46.00 in a research report on Tuesday, October 1st. Royal Bank of Canada raised their price target on shares of Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a report on Friday. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a research note on Tuesday, September 17th. Morgan Stanley upped their target price on Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Finally, Truist Financial lifted their price target on Synovus Financial from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $51.35.

Synovus Financial Price Performance

NYSE SNV opened at $50.55 on Friday. The firm’s fifty day simple moving average is $44.49 and its two-hundred day simple moving average is $41.29. The firm has a market capitalization of $7.40 billion, a P/E ratio of 17.31, a P/E/G ratio of 2.18 and a beta of 1.38. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $51.69.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The firm had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. During the same period in the previous year, the business earned $0.84 EPS. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. Analysts forecast that Synovus Financial will post 4 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 3.01%. Synovus Financial’s dividend payout ratio is presently 52.05%.

Insiders Place Their Bets

In other news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the sale, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at $685,284.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Large investors have recently bought and sold shares of the business. GAMMA Investing LLC increased its position in shares of Synovus Financial by 22.4% in the first quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock valued at $120,000 after buying an additional 548 shares in the last quarter. Mather Group LLC. purchased a new stake in Synovus Financial in the 1st quarter worth $144,000. Cooper Financial Group acquired a new position in Synovus Financial during the first quarter worth $203,000. Asio Capital LLC lifted its holdings in Synovus Financial by 1.1% during the first quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock valued at $5,141,000 after purchasing an additional 1,428 shares in the last quarter. Finally, State of Michigan Retirement System grew its position in shares of Synovus Financial by 2.3% in the first quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock valued at $1,438,000 after purchasing an additional 800 shares during the period. Institutional investors and hedge funds 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.