Synovus Financial Corp. (NYSE:SNV) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Synovus Financial Corp. (NYSE:SNV) have earned an average recommendation of “Moderate Buy” from the eighteen ratings firms that are presently covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $57.78.

A number of brokerages have weighed in on SNV. Wells Fargo & Company lifted their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Bank of America lifted their price objective on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a report on Friday, October 18th. Truist Financial lifted their price objective on Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a report on Monday, October 21st. JPMorgan Chase & Co. lifted their price objective on Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Finally, Barclays lifted their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Friday, November 8th.

Synovus Financial Stock Performance

Shares of SNV stock opened at $53.36 on Friday. The stock has a market capitalization of $7.56 billion, a PE ratio of 24.14, a price-to-earnings-growth ratio of 1.58 and a beta of 1.38. Synovus Financial has a 52-week low of $33.44 and a 52-week high of $59.92. The stock’s 50-day moving average price is $53.15 and its 200 day moving average price is $46.13. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14. The firm had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.84 EPS. As a group, equities research analysts forecast that Synovus Financial will post 4.37 EPS for the current year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.85%. Synovus Financial’s dividend payout ratio is currently 68.78%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its holdings in Synovus Financial by 6.5% in the 3rd quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock valued at $167,000 after acquiring an additional 229 shares during the last quarter. Fifth Third Bancorp raised its holdings in Synovus Financial by 7.0% in the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock valued at $151,000 after acquiring an additional 245 shares during the last quarter. Dana Investment Advisors Inc. raised its holdings in Synovus Financial by 0.7% in the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock valued at $1,437,000 after acquiring an additional 254 shares during the last quarter. Hanseatic Management Services Inc. raised its holdings in Synovus Financial by 2.6% in the 2nd quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank’s stock valued at $478,000 after acquiring an additional 303 shares during the last quarter. Finally, Wedmont Private Capital raised its holdings in Synovus Financial by 3.8% in the 3rd quarter. Wedmont Private Capital now owns 9,102 shares of the bank’s stock valued at $394,000 after acquiring an additional 335 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.