Synovus Financial Corp. (NYSE:SNV) Receives $58.67 Average PT from Brokerages

Shares of Synovus Financial Corp. (NYSE:SNV - Get Free Report) have earned an average recommendation of "Moderate Buy" from the eighteen analysts that are covering the firm, Marketbeat 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 twelve-month target price among brokerages that have issued ratings on the stock in the last year is $58.67.

A number of equities analysts recently issued reports on SNV shares. Morgan Stanley reduced their price target on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research report on Thursday, March 13th. Citigroup lifted their price objective on shares of Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a report on Friday, January 17th. Piper Sandler upped their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a report on Wednesday, December 11th. Stephens reiterated an "equal weight" rating and set a $58.00 price target on shares of Synovus Financial in a research note on Thursday, January 16th. Finally, The Goldman Sachs Group boosted their price objective on Synovus Financial from $52.00 to $62.00 and gave the stock a "neutral" rating in a report on Tuesday, November 26th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC raised its holdings in shares of Synovus Financial by 3.6% in the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank's stock worth $616,892,000 after purchasing an additional 415,201 shares during the period. Wellington Management Group LLP raised its stake in shares of Synovus Financial by 12.8% in the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank's stock valued at $430,213,000 after buying an additional 1,095,557 shares during the period. State Street Corp lifted its position in shares of Synovus Financial by 3.2% during the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank's stock valued at $294,255,000 after buying an additional 201,362 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Synovus Financial by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank's stock valued at $261,778,000 after buying an additional 117,242 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Synovus Financial by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank's stock worth $107,633,000 after acquiring an additional 22,549 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

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Synovus Financial Stock Down 0.7 %

SNV traded down $0.34 during midday trading on Friday, hitting $48.66. The company had a trading volume of 1,321,071 shares, compared to its average volume of 1,346,270. The stock's 50 day moving average price is $52.02 and its 200 day moving average price is $51.08. Synovus Financial has a 52 week low of $33.44 and a 52 week high of $59.92. The company has a market capitalization of $6.86 billion, a price-to-earnings ratio of 15.95, a PEG ratio of 1.11 and a beta of 1.36. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts' consensus estimates of $1.16 by $0.09. The business had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm's revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.80 EPS. On average, research analysts anticipate that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be given a $0.39 dividend. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $1.56 annualized dividend and a yield of 3.21%. Synovus Financial's payout ratio is currently 51.15%.

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.