Synovus Financial (NYSE:SNV) Price Target Increased to $60.00 by Analysts at DA Davidson

Synovus Financial (NYSE:SNV) had its price target lifted by DA Davidson from $53.00 to $60.00 in a report issued on Friday, MarketBeat reports. They currently have a buy rating on the bank’s stock. DA Davidson also issued estimates for Synovus Financial’s Q4 2024 earnings at $1.11 EPS.

A number of other equities research analysts also recently weighed in on the company. Royal Bank of Canada upped their target price on Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a research report on Friday. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a report on Tuesday, September 17th. Stephens lifted their target price on Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. Wells Fargo & Company cut shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $48.00 to $46.00 in a research report on Tuesday, October 1st. Finally, StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, September 12th. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $51.35.

Synovus Financial Price Performance

Shares of SNV opened at $50.55 on Friday. Synovus Financial has a one year low of $24.40 and a one year high of $51.69. The stock’s fifty day moving average is $44.49 and its 200-day moving average is $41.29. 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 has a market capitalization of $7.40 billion, a price-to-earnings ratio of 17.31, a price-to-earnings-growth ratio of 2.18 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, October 16th. The bank reported $1.23 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 net margin of 8.40% and a return on equity of 12.76%. Synovus Financial’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the company earned $0.84 EPS. Equities analysts anticipate that Synovus Financial will post 4 EPS for the current year.

Synovus Financial Announces Dividend

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 $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.01%. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Synovus Financial

Several hedge funds have recently bought and sold shares of SNV. Millennium Management LLC increased its holdings 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 period. Dimensional Fund Advisors LP boosted its holdings in shares of Synovus Financial by 9.3% during the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after purchasing an additional 491,036 shares during the period. Diamond Hill Capital Management Inc. purchased a new position in Synovus Financial during the second quarter valued at approximately $19,434,000. Interval Partners LP increased its stake in Synovus Financial by 74.2% in the 1st quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock valued at $15,570,000 after buying an additional 165,548 shares during the period. Finally, Wedge Capital Management L L P NC lifted its position in Synovus Financial by 14.9% in the 2nd 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 in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

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.