Synovus Financial Corp. (NYSE:SNV) Receives Average Recommendation of “Moderate Buy” from Analysts

Synovus Financial Corp. (NYSE:SNV) has been given a consensus rating of “Moderate Buy” by the eighteen research firms that are presently covering the stock, Marketbeat reports. Seven investment analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $56.17.

A number of research firms have issued reports on SNV. JPMorgan Chase & Co. lowered their target price on Synovus Financial from $54.00 to $50.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. Stephens decreased their price objective on Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating on the stock in a report on Monday, April 21st. Royal Bank of Canada decreased their price objective on Synovus Financial from $64.00 to $52.00 and set an “outperform” rating on the stock in a report on Monday, April 21st. Morgan Stanley decreased their price objective on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Finally, DA Davidson decreased their price objective on Synovus Financial from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, April 21st.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors have recently bought and sold shares of the business. Montgomery Investment Management Inc. raised its position in Synovus Financial by 0.6% in the 4th quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank’s stock valued at $2,177,000 after purchasing an additional 235 shares during the last quarter. Sound View Wealth Advisors Group LLC raised its position in Synovus Financial by 3.1% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank’s stock valued at $407,000 after purchasing an additional 241 shares during the last quarter. Janney Montgomery Scott LLC raised its position in Synovus Financial by 0.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank’s stock valued at $2,412,000 after purchasing an additional 249 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. raised its position in Synovus Financial by 0.3% in the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank’s stock valued at $5,301,000 after purchasing an additional 270 shares during the last quarter. Finally, Wedmont Private Capital raised its position in Synovus Financial by 3.3% in the 4th quarter. Wedmont Private Capital now owns 9,401 shares of the bank’s stock valued at $479,000 after purchasing an additional 299 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $46.09 on Monday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market cap of $6.41 billion, a price-to-earnings ratio of 15.11, a P/E/G ratio of 1.11 and a beta of 1.13. The business’s 50-day simple moving average is $43.97 and its 200-day simple moving average is $50.47. Synovus Financial has a 52 week low of $35.81 and a 52 week high of $59.92.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.19. The firm had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. As a group, equities research analysts expect that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.38%. The ex-dividend date was Thursday, March 20th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio (DPR) is 43.70%.

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.