JPMorgan Chase & Co. Issues Positive Forecast for Synovus Financial (NYSE:SNV) Stock Price

Synovus Financial (NYSE:SNV) had its price objective lifted by JPMorgan Chase & Co. from $60.50 to $62.00 in a report released on Friday morning,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Several other research analysts also recently commented on the stock. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Citigroup set a $59.00 price target on Synovus Financial in a research note on Friday, October 18th. Morgan Stanley lifted their price objective 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. Evercore ISI increased their target price on Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Finally, Barclays boosted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

Synovus Financial Stock Up 0.7 %

Shares of SNV opened at $54.60 on Friday. The business’s 50 day moving average is $54.23 and its 200 day moving average is $48.30. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. Synovus Financial has a 12-month low of $33.44 and a 12-month high of $59.92. The company has a market capitalization of $7.73 billion, a PE ratio of 24.70, a price-to-earnings-growth ratio of 1.31 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.09. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. During the same quarter last year, the business posted $0.80 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. Research analysts expect that Synovus Financial will post 4.39 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s dividend payout ratio (DPR) is currently 68.78%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in shares of Synovus Financial by 6.5% in the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after buying an additional 229 shares during the period. Dana Investment Advisors Inc. grew its position 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. Wedmont Private Capital increased its stake in Synovus Financial by 3.3% in the fourth quarter. Wedmont Private Capital now owns 9,401 shares of the bank’s stock worth $479,000 after purchasing an additional 299 shares during the period. Harbor Capital Advisors Inc. lifted its position in shares of Synovus Financial by 2.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank’s stock worth $758,000 after purchasing an additional 302 shares during the last quarter. Finally, Hanseatic Management Services Inc. lifted its position in shares of Synovus Financial by 2.8% during the third quarter. Hanseatic Management Services Inc. now owns 12,212 shares of the bank’s stock worth $543,000 after purchasing an additional 327 shares during the last quarter. Hedge funds and other 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.