Synovus Financial Corp. (NYSE:SNV) Receives $57.78 Average Price Target from Brokerages

Synovus Financial Corp. (NYSE:SNV) has been assigned an average recommendation of “Moderate Buy” from the eighteen ratings firms that are presently covering the stock, MarketBeat reports. Six analysts have rated the stock with a hold recommendation and twelve have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $57.86.

Several equities analysts recently issued reports on SNV shares. Bank of America upped their price objective on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Barclays increased their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Citigroup set a $59.00 target price on Synovus Financial in a research report on Friday, October 18th. JPMorgan Chase & Co. dropped their price target on shares of Synovus Financial from $63.00 to $60.50 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Finally, UBS Group started coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price target for the company.

Synovus Financial Trading Down 2.7 %

NYSE SNV opened at $51.05 on Tuesday. Synovus Financial has a 12 month low of $33.44 and a 12 month high of $59.92. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The stock’s fifty day moving average price is $54.22 and its 200-day moving average price is $47.84. The stock has a market cap of $7.23 billion, a P/E ratio of 23.10, a P/E/G ratio of 1.58 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The business had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. Synovus Financial’s revenue was up 2.6% compared to the same quarter last year. During the same period last year, the business earned $0.84 EPS. As a group, equities analysts forecast that Synovus Financial will post 4.37 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.98%. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

Institutional Investors Weigh In On Synovus Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in shares of Synovus Financial by 12.8% during the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after purchasing an additional 1,095,557 shares during the period. Millennium Management LLC raised its holdings in Synovus Financial by 181.0% during the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after acquiring an additional 838,932 shares during the period. FMR LLC lifted its position in shares of Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after acquiring an additional 598,644 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after acquiring an additional 491,036 shares during the period. Finally, Diamond Hill Capital Management Inc. purchased a new stake in shares of Synovus Financial during the second quarter worth about $19,434,000. Institutional investors own 83.85% of the company’s stock.

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.