Brokerages Set Synovus Financial Corp. (NYSE:SNV) Target Price at $56.56

Shares of Synovus Financial Corp. (NYSE:SNV) have received a consensus recommendation of “Moderate Buy” from the eighteen analysts that are currently covering the stock, Marketbeat.com reports. Eight equities research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $57.11.

SNV has been the topic of several research reports. Wells Fargo & Company cut their target price on Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. Truist Financial started coverage on shares of Synovus Financial in a research report on Tuesday, May 13th. They set a “buy” rating and a $56.00 price target on the stock. Stephens cut their target price on shares of Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Monday, April 21st. Morgan Stanley lowered their price target on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Finally, JPMorgan Chase & Co. upped their target price on Synovus Financial from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday.

Synovus Financial Trading Up 0.3%

Shares of SNV opened at $55.10 on Tuesday. Synovus Financial has a fifty-two week low of $35.94 and a fifty-two week high of $59.92. The stock has a fifty day moving average of $48.16 and a two-hundred day moving average of $48.99. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market capitalization of $7.66 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 1.06 and a beta of 1.19.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.19. The firm had revenue of $573.24 million for the quarter, compared to the consensus estimate of $572.35 million. Synovus Financial had a return on equity of 15.87% and a net margin of 16.19%. As a group, analysts forecast that Synovus Financial will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were paid a $0.39 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.83%. Synovus Financial’s dividend payout ratio (DPR) is presently 43.70%.

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds have recently bought and sold shares of SNV. Colonial Trust Co SC increased its holdings in shares of Synovus Financial by 554.4% in the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock valued at $30,000 after acquiring an additional 499 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in Synovus Financial in the first quarter worth about $47,000. Jones Financial Companies Lllp grew its holdings in shares of Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after purchasing an additional 461 shares during the last quarter. Millstone Evans Group LLC acquired a new stake in shares of Synovus Financial during the 4th quarter worth approximately $59,000. Finally, Spectrum Wealth Counsel LLC acquired a new position in Synovus Financial during the 1st quarter valued at approximately $70,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.