Synovus Financial Corp. (NYSE:SNV) Given Consensus Rating of “Hold” by Brokerages

Shares of Synovus Financial Corp. (NYSE:SNV) have earned a consensus rating of “Hold” from the seventeen research firms that are currently covering the firm, MarketBeat.com reports. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $58.5625.

SNV has been the topic of a number of research reports. Keefe, Bruyette & Woods lowered Synovus Financial from an “outperform” rating to a “market perform” rating and cut their price target for the company from $65.00 to $50.00 in a report on Tuesday, August 12th. DA Davidson restated a “buy” rating and issued a $63.00 target price on shares of Synovus Financial in a research note on Thursday, October 16th. Royal Bank Of Canada decreased their price target on shares of Synovus Financial from $65.00 to $58.00 and set an “outperform” rating for the company in a research note on Friday, October 17th. Raymond James Financial downgraded shares of Synovus Financial from a “moderate buy” rating to a “hold” rating in a report on Monday, July 28th. Finally, Barclays reduced their target price on shares of Synovus Financial from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, July 28th.

Synovus Financial Stock Up 1.7%

Shares of SNV stock opened at $45.47 on Monday. Synovus Financial has a 12-month low of $35.94 and a 12-month high of $61.06. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.57. The firm has a fifty day moving average of $48.17 and a 200-day moving average of $48.94. The company has a market capitalization of $6.31 billion, a price-to-earnings ratio of 8.48, a P/E/G ratio of 0.77 and a beta of 1.28.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 EPS for the quarter, beating the consensus estimate of $1.36 by $0.10. The business had revenue of $612.79 million for the quarter, compared to analysts’ expectations of $604.59 million. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. The firm’s revenue was up 9.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.23 EPS. As a group, equities research analysts predict that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th were issued a $0.39 dividend. The ex-dividend date was Thursday, September 18th. This represents a $1.56 annualized dividend and a dividend yield of 3.4%. Synovus Financial’s dividend payout ratio (DPR) is presently 29.10%.

Insider Activity

In related news, Director Gregory G. Montana bought 1,000 shares of the stock in a transaction that occurred on Monday, October 20th. The shares were acquired at an average price of $45.37 per share, with a total value of $45,370.00. Following the completion of the transaction, the director owned 5,464 shares in the company, valued at $247,901.68. The trade was a 22.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Rothschild Investment LLC boosted its holdings in shares of Synovus Financial by 77,070.0% in the 3rd quarter. Rothschild Investment LLC now owns 7,717 shares of the bank’s stock valued at $379,000 after buying an additional 7,707 shares during the last quarter. denkapparat Operations GmbH bought a new stake in Synovus Financial during the third quarter worth $240,000. Fifth Third Bancorp raised its position in Synovus Financial by 26.6% during the third quarter. Fifth Third Bancorp now owns 5,167 shares of the bank’s stock worth $254,000 after acquiring an additional 1,085 shares in the last quarter. Pallas Capital Advisors LLC lifted its stake in Synovus Financial by 33.3% in the third quarter. Pallas Capital Advisors LLC now owns 16,593 shares of the bank’s stock valued at $814,000 after acquiring an additional 4,149 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D grew its position in shares of Synovus Financial by 8.6% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 43,295 shares of the bank’s stock valued at $2,125,000 after acquiring an additional 3,442 shares during the period. 83.85% of the stock is currently owned by institutional investors.

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.