Synovus Financial Corp. (NYSE:SNV) Receives $58.38 Average PT from Analysts

Shares of Synovus Financial Corp. (NYSE:SNV) have received an average recommendation of “Hold” from the fourteen brokerages that are covering the stock, Marketbeat reports. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $58.3846.

Several analysts recently weighed in on the company. DA Davidson reissued a “buy” rating and set a $63.00 price target on shares of Synovus Financial in a report on Thursday, October 16th. UBS Group reduced their target price on shares of Synovus Financial from $53.00 to $49.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. JPMorgan Chase & Co. raised their price target on shares of Synovus Financial from $58.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 16th. Weiss Ratings downgraded shares of Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Finally, Stephens lowered their target price on shares of Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th.

Insider Buying and Selling at Synovus Financial

In related news, Director Gregory G. Montana bought 1,000 shares of Synovus Financial stock in a transaction dated Monday, October 20th. The shares were bought at an average cost of $45.37 per share, with a total value of $45,370.00. Following the acquisition, the director owned 5,464 shares in the company, valued at $247,901.68. This trade represents a 22.40% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

Institutional investors and hedge funds have recently bought and sold shares of the company. McIlrath & Eck LLC raised its position in shares of Synovus Financial by 664.8% in the 3rd quarter. McIlrath & Eck LLC now owns 543 shares of the bank’s stock valued at $27,000 after buying an additional 472 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new position in Synovus Financial during the second quarter valued at approximately $31,000. Measured Wealth Private Client Group LLC bought a new stake in Synovus Financial during the third quarter worth $38,000. Armstrong Advisory Group Inc. acquired a new stake in shares of Synovus Financial in the 2nd quarter valued at $41,000. Finally, True Wealth Design LLC increased its stake in shares of Synovus Financial by 1,817.8% in the 3rd quarter. True Wealth Design LLC now owns 863 shares of the bank’s stock valued at $42,000 after purchasing an additional 818 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Performance

NYSE SNV opened at $51.97 on Tuesday. The stock has a market cap of $7.21 billion, a PE ratio of 9.70, a P/E/G ratio of 0.92 and a beta of 1.21. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a 50-day moving average of $48.39 and a 200-day moving average of $49.69. Synovus Financial has a 52-week low of $35.94 and a 52-week high of $61.06.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.10. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. The firm had revenue of $612.79 million for the quarter, compared to analysts’ expectations of $604.59 million. During the same period in the prior year, the firm earned $1.23 EPS. The business’s revenue was up 9.0% on a year-over-year basis. On average, sell-side analysts anticipate that Synovus Financial will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 24th. Shareholders of record on Thursday, December 18th were issued a $0.39 dividend. The ex-dividend date of this dividend was Thursday, December 18th. This represents a $1.56 annualized dividend and a yield of 3.0%. Synovus Financial’s payout ratio is currently 29.10%.

Synovus Financial Company Profile

Synovus Financial Corp (NYSE: SNV) is a regional financial services company headquartered in Columbus, Georgia. The company offers a comprehensive range of banking and financial products to individual consumers, small businesses, and large corporations. Synovus operates through various business segments, including commercial and retail banking, mortgage lending, treasury and payment solutions, and wealth management services.

In its commercial banking division, Synovus provides loans, lines of credit, and treasury management services tailored to the needs of businesses across multiple industries.