Deutsche Bank Aktiengesellschaft Begins Coverage on Synovus Financial (NYSE:SNV)

Deutsche Bank Aktiengesellschaft initiated coverage on shares of Synovus Financial (NYSE:SNV) in a report issued on Monday, MarketBeat reports. The brokerage issued a buy rating and a $64.00 target price on the bank’s stock.

SNV has been the subject of a number of other reports. Citigroup set a $59.00 target price on shares of Synovus Financial in a report on Friday, October 18th. Royal Bank of Canada increased their price target on shares of Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Stephens increased their price target on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. The Goldman Sachs Group increased their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $55.61.

Synovus Financial Price Performance

Shares of SNV opened at $56.07 on Monday. Synovus Financial has a 1-year low of $33.44 and a 1-year high of $59.92. The stock has a market cap of $7.94 billion, a PE ratio of 25.37, a price-to-earnings-growth 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 firm has a fifty day moving average price of $52.27 and a 200 day moving average price of $45.66.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same period in the previous year, the company earned $0.84 earnings per share. Synovus Financial’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Synovus Financial will post 4.37 EPS for the current year.

Synovus Financial Dividend Announcement

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

Hedge Funds Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently modified their holdings of the company. Oddo BHF Asset Management Sas purchased a new position in shares of Synovus Financial during the third quarter valued at approximately $753,000. Franklin Resources Inc. lifted its stake in shares of Synovus Financial by 4.0% during the third quarter. Franklin Resources Inc. now owns 22,964 shares of the bank’s stock valued at $1,069,000 after buying an additional 885 shares during the period. Sanctuary Advisors LLC purchased a new position in shares of Synovus Financial during the third quarter valued at approximately $217,000. Teachers Retirement System of The State of Kentucky raised its stake in Synovus Financial by 6.6% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 120,386 shares of the bank’s stock worth $5,353,000 after purchasing an additional 7,449 shares during the period. Finally, Coldstream Capital Management Inc. purchased a new position in Synovus Financial during the third quarter worth approximately $220,000. Hedge funds and other institutional investors 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.