Synovus Financial (NYSE:SNV) Price Target Raised to $64.00

Synovus Financial (NYSE:SNV - Free Report) had its price objective boosted by Piper Sandler from $56.00 to $64.00 in a report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the bank's stock.

Several other brokerages also recently weighed in on SNV. Truist Financial boosted their target price on shares of Synovus Financial from $52.00 to $57.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Evercore ISI upped their price objective on shares of Synovus Financial from $48.00 to $54.00 and gave the company an "in-line" rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their target price on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an "overweight" rating in a research report on Friday, October 18th. Wells Fargo & Company boosted their price target on Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a report on Tuesday, December 3rd. Finally, Citigroup set a $59.00 price objective on Synovus Financial in a report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $55.61.

Synovus Financial Price Performance

SNV traded up $0.93 during midday trading on Wednesday, reaching $56.07. 2,590,035 shares of the company's stock were exchanged, compared to its average volume of 1,394,940. Synovus Financial has a 1-year low of $33.44 and a 1-year high of $59.92. The stock has a market capitalization of $7.94 billion, a PE ratio of 24.97, a P/E/G ratio of 2.01 and a beta of 1.38. 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 business's 50-day moving average price is $52.00 and its 200 day moving average price is $45.59.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. The firm had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company's quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.84 EPS. As a group, equities analysts anticipate that Synovus Financial will post 4.37 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.52 annualized dividend and a yield of 2.71%. Synovus Financial's dividend payout ratio is currently 68.78%.

Hedge Funds Weigh In On Synovus Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new position in Synovus Financial during the 2nd quarter worth approximately $374,000. Private Capital Management LLC boosted its stake in shares of Synovus Financial by 6.2% in the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank's stock valued at $14,644,000 after purchasing an additional 21,456 shares during the period. Blue Trust Inc. boosted its stake in shares of Synovus Financial by 102.9% in the second quarter. Blue Trust Inc. now owns 12,992 shares of the bank's stock valued at $520,000 after purchasing an additional 6,588 shares during the period. Oakworth Capital Inc. grew its holdings in Synovus Financial by 117.6% during the 2nd quarter. Oakworth Capital Inc. now owns 4,854 shares of the bank's stock valued at $195,000 after purchasing an additional 2,623 shares in the last quarter. Finally, Fifth Third Bancorp increased its stake in Synovus Financial by 7.0% during the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank's stock worth $151,000 after buying an additional 245 shares during the period. 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.