Synovus Financial Corp. (NYSE:SNV) Given Average Rating of “Moderate Buy” by Brokerages

Synovus Financial Corp. (NYSE:SNV) has been assigned a consensus rating of “Moderate Buy” from the sixteen research firms that are presently covering the company, Marketbeat Ratings reports. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $46.44.

A number of research firms have recently issued reports on SNV. Stephens lifted their target price on shares of Synovus Financial from $43.00 to $46.00 and gave the company an “equal weight” rating in a research note on Friday, July 19th. Wells Fargo & Company boosted their price objective on Synovus Financial from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Barclays raised their target price on Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Truist Financial upped their price target on shares of Synovus Financial from $44.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a research report on Tuesday, July 9th.

Insider Buying and Selling

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the transaction, the executive vice president now owns 14,833 shares of the company’s stock, valued at $685,284.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Synovus Financial

Large investors have recently bought and sold shares of the company. Nordea Investment Management AB grew its holdings in shares of Synovus Financial by 24.5% in the 1st quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock valued at $13,233,000 after buying an additional 64,621 shares during the period. &PARTNERS bought a new stake in shares of Synovus Financial in the second quarter worth about $284,000. Eventide Asset Management LLC acquired a new stake in shares of Synovus Financial during the fourth quarter worth about $968,000. Private Capital Management LLC lifted its holdings in shares of Synovus Financial by 6.2% during the 1st quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock valued at $14,644,000 after purchasing an additional 21,456 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Synovus Financial by 92.0% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock valued at $1,852,000 after purchasing an additional 22,621 shares during the period. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Performance

Shares of NYSE:SNV opened at $43.29 on Wednesday. The stock has a market capitalization of $6.23 billion, a price-to-earnings ratio of 14.83, a price-to-earnings-growth ratio of 3.33 and a beta of 1.39. The business’s fifty day moving average price is $43.68 and its two-hundred day moving average price is $40.13. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $47.83. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The business had revenue of $563.60 million during the quarter, compared to analysts’ expectations of $543.52 million. During the same quarter last year, the company posted $1.16 EPS. The firm’s revenue for the quarter was down .7% on a year-over-year basis. As a group, analysts predict that Synovus Financial will post 4.05 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date is Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is currently 52.05%.

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.