Synovus Financial (NYSE:SNV) Price Target Raised to $55.00

Synovus Financial (NYSE:SNV) had its target price upped by Morgan Stanley from $51.00 to $55.00 in a report published on Monday, Benzinga reports. They currently have an equal weight rating on the bank’s stock.

Other research analysts also recently issued research reports about the stock. Piper Sandler raised their price target on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Truist Financial raised their target price on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday. Keefe, Bruyette & Woods boosted their price target on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a report on Tuesday, July 9th. Stephens raised their price objective on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Finally, Jefferies Financial Group upped their target price on Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $51.88.

Synovus Financial Stock Up 0.1 %

Shares of NYSE SNV opened at $49.07 on Monday. The company has a market cap of $7.06 billion, a P/E ratio of 22.20, a PEG ratio of 1.80 and a beta of 1.38. The firm has a 50-day simple moving average of $45.07 and a two-hundred day simple moving average of $41.59. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $51.69. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter in the previous year, the business earned $0.84 EPS. Synovus Financial’s revenue was up 2.6% compared to the same quarter last year. Research analysts anticipate that Synovus Financial will post 4.3 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s dividend payout ratio is currently 68.78%.

Institutional Investors Weigh In On Synovus Financial

Institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC increased its holdings in shares of Synovus Financial by 181.0% during the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after acquiring an additional 838,932 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after buying an additional 491,036 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new position in shares of Synovus Financial in the second quarter worth $19,434,000. Interval Partners LP lifted its stake in shares of Synovus Financial by 74.2% during the first quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock worth $15,570,000 after buying an additional 165,548 shares during the period. Finally, Wedge Capital Management L L P NC grew its holdings in shares of Synovus Financial by 14.9% during the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock valued at $46,025,000 after buying an additional 148,842 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

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.