Synovus Financial's (SNV) "Equal Weight" Rating Reiterated at Stephens

Stephens reaffirmed their equal weight rating on shares of Synovus Financial (NYSE:SNV - Free Report) in a report released on Thursday,Benzinga reports. The firm currently has a $58.00 target price on the bank's stock.

A number of other research analysts also recently weighed in on SNV. Piper Sandler raised their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an "overweight" rating in a research note on Wednesday, December 11th. DA Davidson lifted their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, October 18th. Wells Fargo & Company boosted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 3rd. Citigroup set a $59.00 target price on shares of Synovus Financial in a research note on Friday, October 18th. Finally, Barclays boosted their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $58.44.

Synovus Financial Stock Up 0.7 %

SNV stock traded up $0.37 during trading hours on Thursday, hitting $54.60. The company's stock had a trading volume of 1,600,638 shares, compared to its average volume of 1,470,176. The stock has a 50 day moving average price of $54.27 and a two-hundred day moving average price of $48.20. Synovus Financial has a 12 month low of $33.44 and a 12 month high of $59.92. The company has a market capitalization of $7.73 billion, a PE ratio of 24.70, a price-to-earnings-growth ratio of 1.31 and a beta of 1.39. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm had revenue of $580.58 million during the quarter, compared to analysts' expectations of $566.83 million. During the same period in the prior year, the company posted $0.80 earnings per share. Synovus Financial's revenue for the quarter was up 18.8% on a year-over-year basis. On average, equities research analysts expect that Synovus Financial will post 4.39 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.78%. Synovus Financial's dividend payout ratio is currently 49.84%.

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds have recently made changes to their positions in SNV. Janney Montgomery Scott LLC boosted its position in shares of Synovus Financial by 4.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 51,357 shares of the bank's stock valued at $2,631,000 after acquiring an additional 2,166 shares in the last quarter. SG Americas Securities LLC boosted its holdings in Synovus Financial by 11.0% during the fourth quarter. SG Americas Securities LLC now owns 12,547 shares of the bank's stock valued at $643,000 after purchasing an additional 1,240 shares in the last quarter. TruWealth Advisors LLC bought a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $12,350,000. Merit Financial Group LLC bought a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $224,000. Finally, Park Avenue Securities LLC acquired a new position in shares of Synovus Financial in the 4th quarter worth approximately $254,000. 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.