Synovus Financial (NYSE:SNV) Sets New 1-Year High – Still a Buy?

Synovus Financial Corp. (NYSE:SNV) hit a new 52-week high on Wednesday . The company traded as high as $55.50 and last traded at $55.31, with a volume of 42952 shares changing hands. The stock had previously closed at $49.78.

Analysts Set New Price Targets

SNV has been the topic of a number of analyst reports. Truist Financial lifted their price target on Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Royal Bank of Canada lifted their price target on Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research note on Tuesday, September 17th. Citigroup set a $59.00 price target on Synovus Financial in a research note on Friday, October 18th. Finally, StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.24.

Synovus Financial Stock Performance

The company has a market cap of $8.40 billion, a PE ratio of 26.17, a PEG ratio of 1.76 and a beta of 1.37. 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 business has a 50-day moving average of $45.89 and a 200 day moving average of $42.38.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The company had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. Synovus Financial’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.84 earnings per share. Equities research analysts anticipate that Synovus Financial Corp. will post 4.36 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s payout ratio is 68.78%.

Institutional Trading of Synovus Financial

Hedge funds and other institutional investors have recently bought and sold shares of the stock. V Square Quantitative Management LLC purchased a new stake in Synovus Financial in the third quarter worth about $30,000. UMB Bank n.a. increased its position in Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after buying an additional 348 shares in the last quarter. Innealta Capital LLC bought a new position in shares of Synovus Financial in the second quarter worth about $43,000. Abich Financial Wealth Management LLC boosted its stake in shares of Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after acquiring an additional 371 shares during the period. Finally, Fidelis Capital Partners LLC bought a new position in shares of Synovus Financial in the first quarter worth about $51,000. Hedge funds and other institutional investors 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.