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

Shares of Synovus Financial Corp. (NYSE:SNV - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the seventeen ratings firms that are presently covering the company, Marketbeat reports. Six investment analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $52.71.

A number of research analysts recently issued reports on the company. Raymond James upgraded Synovus Financial from a "market perform" rating to an "outperform" rating and set a $49.00 price objective for the company in a research report on Tuesday, September 17th. Wells Fargo & Company downgraded Synovus Financial from an "overweight" rating to an "equal weight" rating and lowered their target price for the company from $48.00 to $46.00 in a research note on Tuesday, October 1st. StockNews.com raised Synovus Financial from a "sell" rating to a "hold" rating in a research report on Friday, October 18th. Citigroup set a $59.00 price target on Synovus Financial in a report on Friday, October 18th. Finally, JPMorgan Chase & Co. increased their price target on Synovus Financial from $52.00 to $59.00 and gave the stock an "overweight" rating in a research report on Friday, October 18th.

Synovus Financial Stock Performance

Shares of NYSE:SNV traded up $0.29 during trading on Monday, reaching $56.01. The company had a trading volume of 255,435 shares, compared to its average volume of 1,407,304. The firm has a market capitalization of $7.93 billion, a price-to-earnings ratio of 25.21, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. 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's fifty day moving average price is $47.83 and its 200 day moving average price is $43.54. Synovus Financial has a fifty-two week low of $29.34 and a fifty-two week high of $59.79.

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. 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 revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.84 earnings per share. As a group, equities research analysts predict that Synovus Financial will post 4.36 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 2.71%. Synovus Financial's dividend payout ratio (DPR) is currently 68.78%.

Institutional Investors Weigh In On Synovus Financial

Several institutional investors have recently made changes to their positions in the company. State Board of Administration of Florida Retirement System boosted its stake in Synovus Financial by 7.1% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 147,987 shares of the bank's stock worth $5,928,000 after purchasing an additional 9,846 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its holdings in shares of Synovus Financial by 92.0% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank's stock worth $1,852,000 after buying an additional 22,621 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of Synovus Financial by 7.3% during the 1st quarter. Bessemer Group Inc. now owns 244,814 shares of the bank's stock valued at $9,806,000 after acquiring an additional 16,640 shares during the last quarter. Pitcairn Co. lifted its position in Synovus Financial by 2.3% in the first quarter. Pitcairn Co. now owns 11,542 shares of the bank's stock valued at $462,000 after buying an additional 261 shares during the last quarter. Finally, Burns Matteson Capital Management LLC acquired a new stake in shares of Synovus Financial during the first quarter worth about $390,000. Institutional investors own 83.85% of the company's stock.

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.