Synovus Financial Corp. (NYSE:SNV) Receives $56.00 Average PT from Analysts

Shares of Synovus Financial Corp. (NYSE:SNV - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the eighteen brokerages that are currently covering the company, MarketBeat Ratings reports. Six equities research 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 analysts that have updated their coverage on the stock in the last year is $56.00.

A number of analysts have recently issued reports on SNV shares. Truist Financial lifted their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a "buy" rating in a report on Monday, October 21st. Royal Bank of Canada reiterated an "outperform" rating and issued a $64.00 price objective on shares of Synovus Financial in a report on Thursday. Deutsche Bank Aktiengesellschaft assumed coverage on Synovus Financial in a report on Monday. They set a "buy" rating and a $64.00 price objective on the stock. StockNews.com upgraded shares of Synovus Financial from a "sell" rating to a "hold" rating in a research report on Friday, October 18th. Finally, Piper Sandler boosted their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a report on Wednesday.

Hedge Funds Weigh In On Synovus Financial

Several hedge funds and other institutional investors have recently modified their holdings of SNV. V Square Quantitative Management LLC purchased a new position in Synovus Financial during the third quarter valued at $30,000. UMB Bank n.a. lifted its holdings 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 valued at $33,000 after purchasing an additional 348 shares during the last quarter. Quarry LP bought a new position in Synovus Financial during the 3rd quarter valued at approximately $41,000. Innealta Capital LLC purchased a new position in Synovus Financial during the second quarter valued at $43,000. Finally, Headlands Technologies LLC raised 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 valued at $55,000 after buying an additional 1,105 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.

Synovus Financial Price Performance

NYSE:SNV traded down $0.54 during trading hours on Friday, hitting $54.15. 1,128,180 shares of the company's stock traded hands, compared to its average volume of 1,392,734. The firm has a market cap of $7.67 billion, a P/E ratio of 24.50, a P/E/G ratio of 1.64 and a beta of 1.38. 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 business's fifty day simple moving average is $52.71 and its two-hundred day simple moving average is $45.82. Synovus Financial has a 52 week low of $33.44 and a 52 week high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $557.64 million. During the same period in the prior year, the business earned $0.84 earnings per share. Synovus Financial's revenue for the quarter was up 2.6% compared to the same quarter last year. On average, research analysts anticipate that Synovus Financial will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.81%. The ex-dividend date is Thursday, December 19th. Synovus Financial's dividend payout ratio (DPR) is currently 68.78%.

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.