Synovus Financial (NYSE:SNV) Given New $59.00 Price Target at JPMorgan Chase & Co.

Synovus Financial (NYSE:SNV) had its price target hoisted by JPMorgan Chase & Co. from $52.00 to $59.00 in a research report report published on Friday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the bank’s stock.

Several other equities analysts have also recently weighed in on the company. Wells Fargo & Company cut Synovus Financial from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $48.00 to $46.00 in a report on Tuesday, October 1st. Citigroup initiated coverage on Synovus Financial in a research note on Thursday, October 10th. They issued a “buy” rating and a $53.00 price target for the company. Jefferies Financial Group increased their price objective on shares of Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Piper Sandler boosted their target price on shares of Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Finally, Truist Financial increased their price target on shares of 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 company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.35.

Synovus Financial Price Performance

NYSE:SNV opened at $50.55 on Friday. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $51.69. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The firm’s 50-day simple moving average is $44.49 and its 200 day simple moving average is $41.29. The firm has a market cap of $7.40 billion, a price-to-earnings ratio of 17.31, a P/E/G ratio of 2.18 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The firm had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. During the same quarter in the prior year, the business posted $0.84 EPS. The business’s revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts predict that Synovus Financial will post 4 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently announced 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%.

Insider Buying and Selling at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the transaction, the executive vice president now owns 14,833 shares in the company, valued at approximately $685,284.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its holdings in Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after acquiring an additional 491,036 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Synovus Financial by 181.0% in the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after purchasing an additional 838,932 shares during the last quarter. Wedge Capital Management L L P NC increased its position in shares of Synovus Financial by 14.9% during the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after buying an additional 148,842 shares during the period. Principal Financial Group Inc. increased its position in shares of Synovus Financial by 2.6% during the first quarter. Principal Financial Group Inc. now owns 550,500 shares of the bank’s stock worth $22,053,000 after buying an additional 13,690 shares during the period. Finally, Diamond Hill Capital Management Inc. bought a new position in Synovus Financial during the second quarter worth $19,434,000. 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.