Synovus Financial Corp. (NYSE:SNV) Receives Average Recommendation of "Moderate Buy" from Analysts

Synovus Financial Corp. (NYSE:SNV - Get Free Report) has received a consensus rating of "Moderate Buy" from the eighteen analysts that are covering the stock, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $58.44.

A number of analysts recently issued reports on SNV shares. Bank of America boosted their price target on Synovus Financial from $48.00 to $57.00 and gave the company a "buy" rating in a report on Friday, October 18th. Truist Financial increased their price target on Synovus Financial from $52.00 to $57.00 and gave the stock a "buy" rating in a research report on Monday, October 21st. JPMorgan Chase & Co. lifted their price objective on Synovus Financial from $60.50 to $62.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Wells Fargo & Company increased their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 3rd. Finally, UBS Group initiated coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They issued a "buy" rating and a $76.00 price target for the company.

Synovus Financial Trading Up 2.2 %

SNV stock traded up $1.19 during midday trading on Friday, reaching $56.26. The company's stock had a trading volume of 915,899 shares, compared to its average volume of 1,366,914. Synovus Financial has a 1 year low of $33.44 and a 1 year high of $59.92. The firm has a market capitalization of $7.97 billion, a price-to-earnings ratio of 18.45, a PEG ratio of 1.17 and a beta of 1.39. The stock has a fifty day simple moving average of $53.91 and a two-hundred day simple moving average of $49.51. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping the consensus estimate of $1.16 by $0.09. The company had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm's revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.80 EPS. On average, equities research analysts predict that Synovus Financial will post 4.86 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial's dividend payout ratio (DPR) is presently 49.84%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Y Intercept Hong Kong Ltd purchased a new position in Synovus Financial during the fourth quarter worth about $262,000. Investors Asset Management of Georgia Inc. GA ADV increased its holdings in shares of Synovus Financial by 1.7% during the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 23,476 shares of the bank's stock worth $1,203,000 after buying an additional 401 shares during the last quarter. Ieq Capital LLC acquired a new stake in shares of Synovus Financial during the 4th quarter worth approximately $3,374,000. New York State Common Retirement Fund raised its position in shares of Synovus Financial by 1.5% during the 4th quarter. New York State Common Retirement Fund now owns 467,825 shares of the bank's stock valued at $23,967,000 after buying an additional 6,784 shares during the period. Finally, D.A. Davidson & CO. acquired a new position in Synovus Financial in the fourth quarter valued at approximately $234,000. 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.