Synovus Financial (NYSE:SNV) Now Covered by Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft initiated coverage on shares of Synovus Financial (NYSE:SNV - Free Report) in a research report report published on Monday, MarketBeat reports. The firm issued a buy rating and a $64.00 target price on the bank's stock.

A number of other research analysts also recently commented on the company. The Goldman Sachs Group increased their target price on Synovus Financial from $52.00 to $62.00 and gave the company a "neutral" rating in a research report on Tuesday, November 26th. Raymond James raised shares of Synovus Financial from a "market perform" rating to an "outperform" rating and set a $49.00 price objective for the company in a research note on Tuesday, September 17th. Bank of America upped their target price on shares of Synovus Financial from $48.00 to $57.00 and gave the company a "buy" rating in a research report on Friday, October 18th. Truist Financial increased their price target on shares of Synovus Financial from $52.00 to $57.00 and gave the company a "buy" rating in a report on Monday, October 21st. Finally, Barclays upped 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. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.00.

Synovus Financial Price Performance

NYSE SNV traded down $0.91 on Monday, reaching $54.86. The company had a trading volume of 1,326,498 shares, compared to its average volume of 1,388,878. The stock has a market capitalization of $7.77 billion, a PE ratio of 25.24, a price-to-earnings-growth ratio of 2.01 and a beta of 1.38. Synovus Financial has a 12 month low of $33.44 and a 12 month high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The firm's 50 day moving average price is $51.54 and its 200 day moving average price is $45.36.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million for the quarter, compared to analysts' expectations of $557.64 million. During the same period in the previous year, the firm posted $0.84 earnings per share. The business's revenue was up 2.6% compared to the same quarter last year. As a group, equities analysts predict that Synovus Financial will post 4.37 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.77%. Synovus Financial's dividend payout ratio (DPR) is 68.78%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SNV. V Square Quantitative Management LLC bought a new stake in Synovus Financial during the 3rd quarter valued at about $30,000. UMB Bank n.a. increased its position in shares of Synovus Financial by 87.2% during the third quarter. UMB Bank n.a. now owns 747 shares of the bank's stock worth $33,000 after acquiring an additional 348 shares during the period. Quarry LP purchased a new stake in shares of Synovus Financial in the third quarter valued at approximately $41,000. Innealta Capital LLC bought a new position in Synovus Financial in the second quarter worth approximately $43,000. Finally, Headlands Technologies LLC increased its holdings in Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank's stock worth $55,000 after purchasing an additional 1,105 shares during the period. 83.85% of the stock is currently owned by institutional investors.

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.