Synovus Financial Corp. (NYSE:SNV) Receives $51.88 Average Target Price from Brokerages

Shares of Synovus Financial Corp. (NYSE:SNV - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the seventeen brokerages that are presently covering the firm, Marketbeat reports. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $51.88.

SNV has been the subject of a number of analyst reports. Wells Fargo & Company lowered shares of Synovus Financial from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $48.00 to $46.00 in a research note on Tuesday, October 1st. StockNews.com raised shares of Synovus Financial from a "sell" rating to a "hold" rating in a research note on Friday, October 18th. Jefferies Financial Group increased their price target on shares of Synovus Financial from $44.00 to $47.00 and gave the stock a "buy" rating in a research report on Wednesday, July 3rd. JPMorgan Chase & Co. increased their price target on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an "overweight" rating in a research report on Friday, October 18th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Synovus Financial from $38.00 to $42.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 9th.

Synovus Financial Price Performance

NYSE SNV traded up $0.07 on Thursday, reaching $49.07. The company's stock had a trading volume of 1,304,278 shares, compared to its average volume of 1,412,446. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $51.69. The stock has a market cap of $7.06 billion, a PE ratio of 22.17, a PEG ratio of 1.80 and a beta of 1.38. The firm's 50 day moving average is $44.94 and its two-hundred day moving average is $41.54.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts' consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. During the same period in the prior year, the firm earned $0.84 earnings per share. The business's quarterly revenue was up 2.6% on a year-over-year basis. As a group, sell-side analysts predict that Synovus Financial will post 4.3 EPS for the current year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 3.10%. Synovus Financial's dividend payout ratio (DPR) is presently 68.78%.

Hedge Funds Weigh In On Synovus Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nordea Investment Management AB grew its stake in shares of Synovus Financial by 24.5% in the first quarter. Nordea Investment Management AB now owns 328,604 shares of the bank's stock worth $13,233,000 after acquiring an additional 64,621 shares during the last quarter. &PARTNERS acquired a new stake in shares of Synovus Financial in the second quarter worth $284,000. Texas Permanent School Fund Corp grew its stake in shares of Synovus Financial by 19.6% in the second quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank's stock worth $6,150,000 after acquiring an additional 25,028 shares during the last quarter. Private Capital Management LLC grew its stake in shares of Synovus Financial by 6.2% in the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank's stock worth $14,644,000 after acquiring an additional 21,456 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Synovus Financial by 92.0% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank's stock worth $1,852,000 after acquiring an additional 22,621 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.