The Goldman Sachs Group Forecasts Strong Price Appreciation for Synovus Financial (NYSE:SNV) Stock

Synovus Financial (NYSE:SNV) had its price objective raised by The Goldman Sachs Group from $52.00 to $62.00 in a report published on Tuesday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the bank’s stock.

A number of other equities research analysts have also recently weighed in on the stock. Evercore ISI lifted their price target on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a report on Tuesday, September 17th. Morgan Stanley upped their price target on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Bank of America raised their price target on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Finally, StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $53.94.

Synovus Financial Trading Down 0.6 %

SNV opened at $57.08 on Tuesday. Synovus Financial has a one year low of $30.52 and a one year high of $59.92. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. The stock has a market capitalization of $8.09 billion, a PE ratio of 25.83, a P/E/G ratio of 2.07 and a beta of 1.37. The business’s 50 day moving average price is $50.09 and its 200 day moving average price is $44.61.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. The business had revenue of $564.72 million during 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 company’s revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.84 EPS. As a group, equities research analysts expect that Synovus Financial will post 4.37 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 2.66%. Synovus Financial’s dividend payout ratio (DPR) is 68.78%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNV. V Square Quantitative Management LLC acquired a new stake in shares of Synovus Financial in the 3rd quarter valued at $30,000. UMB Bank n.a. increased its holdings in Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after buying an additional 348 shares during the last quarter. Quarry LP acquired a new stake in Synovus Financial in the third quarter valued at $41,000. Innealta Capital LLC purchased a new stake in Synovus Financial during the 2nd quarter worth about $43,000. Finally, Abich Financial Wealth Management LLC boosted its position in shares of Synovus Financial by 43.5% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after acquiring an additional 371 shares in the last quarter. 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.