Synovus Financial Corp. (NYSE:SNV) Receives $58.44 Consensus Price Target from Brokerages

Shares of Synovus Financial Corp. (NYSE:SNV) have earned a consensus rating of “Moderate Buy” from the eighteen analysts that are covering the firm, MarketBeat.com reports. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $58.44.

Several analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a research note on Thursday, December 12th. The Goldman Sachs Group boosted their price target on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Stephens restated an “equal weight” rating and issued a $58.00 price objective on shares of Synovus Financial in a report on Thursday, January 16th. Finally, UBS Group began coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They issued a “buy” rating and a $76.00 target price for the company.

Synovus Financial Trading Up 1.2 %

NYSE SNV opened at $51.86 on Wednesday. The firm’s 50 day moving average price is $53.68 and its two-hundred day moving average price is $50.68. The stock has a market cap of $7.35 billion, a price-to-earnings ratio of 17.00, a PEG ratio of 1.11 and a beta of 1.39. Synovus Financial has a twelve month low of $33.44 and a twelve month high of $59.92. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. During the same quarter in the previous year, the business posted $0.80 EPS. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. Equities 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 Thursday, January 2nd. Stockholders of record on Thursday, December 19th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s dividend payout ratio is currently 49.84%.

Institutional Investors Weigh In On Synovus Financial

A number of institutional investors have recently added to or reduced their stakes in the company. Colonial Trust Co SC grew its holdings in shares of Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock worth $30,000 after purchasing an additional 499 shares in the last quarter. Keystone Financial Group Inc. acquired a new position in shares of Synovus Financial in the 4th quarter valued at $37,000. Quarry LP acquired a new position in shares of Synovus Financial in the 3rd quarter valued at $41,000. Brooklyn Investment Group bought a new position in shares of Synovus Financial during the 3rd quarter worth about $56,000. Finally, Jones Financial Companies Lllp boosted its position in shares of Synovus Financial by 72.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after acquiring an additional 461 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

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.