Wells Fargo & Company Issues Positive Forecast for Synovus Financial (NYSE:SNV) Stock Price

Synovus Financial (NYSE:SNV) had its price objective upped by Wells Fargo & Company from $51.00 to $55.00 in a report published on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the bank’s stock.

SNV has been the subject of a number of other research reports. StockNews.com upgraded shares of Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Evercore ISI increased their price target on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group raised their price objective on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Citigroup set a $59.00 target price on Synovus Financial in a research note on Friday, October 18th. Finally, DA Davidson boosted their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $54.47.

Synovus Financial Trading Down 1.2 %

Shares of Synovus Financial stock opened at $56.00 on Tuesday. Synovus Financial has a 1 year low of $32.53 and a 1 year high of $59.92. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The stock has a market cap of $7.93 billion, a PE ratio of 25.34, a price-to-earnings-growth ratio of 2.04 and a beta of 1.38. The firm has a fifty day moving average price of $50.57 and a 200 day moving average price of $44.91.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. The business had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.84 EPS. Equities research analysts predict that Synovus Financial will post 4.37 earnings per share for the current year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.71%. Synovus Financial’s payout ratio is currently 68.78%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. V Square Quantitative Management LLC purchased a new position in Synovus Financial during the third quarter worth about $30,000. UMB Bank n.a. raised its position in shares of Synovus Financial by 87.2% during the 3rd 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 period. Quarry LP acquired a new position in Synovus Financial in the third quarter valued at approximately $41,000. Innealta Capital LLC purchased a new position in Synovus Financial in the second quarter worth approximately $43,000. Finally, Headlands Technologies LLC increased its stake in Synovus Financial by 404.8% during the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after acquiring an additional 1,105 shares during the last quarter. Institutional investors and hedge funds 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.