Synovus Financial (NYSE:SNV) Hits New 12-Month High at $47.83

Synovus Financial Corp. (NYSE:SNV)’s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $47.83 and last traded at $47.54, with a volume of 2749 shares trading hands. The stock had previously closed at $47.62.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on SNV shares. Royal Bank of Canada upped their target price on shares of Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Piper Sandler upped their price objective on Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Wells Fargo & Company lifted their target price on Synovus Financial from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Keefe, Bruyette & Woods raised their price target on Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 9th. Finally, Barclays boosted their price objective on shares of Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Synovus Financial has an average rating of “Moderate Buy” and a consensus target price of $45.81.

Synovus Financial Stock Down 0.8 %

The stock has a market cap of $6.92 billion, a P/E ratio of 16.31, a P/E/G ratio of 3.77 and a beta of 1.40. The company’s 50 day moving average price is $40.14 and its two-hundred day moving average price is $38.57. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. The business had revenue of $563.60 million during the quarter, compared to analyst estimates of $543.52 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. Synovus Financial’s revenue was down .7% on a year-over-year basis. During the same period in the previous year, the company posted $1.16 EPS. As a group, research analysts expect that Synovus Financial Corp. will post 4 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Thursday, June 20th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend was Thursday, June 20th. Synovus Financial’s dividend payout ratio (DPR) is 52.05%.

Insider Transactions at Synovus Financial

In other Synovus Financial news, EVP D Wayne Akins, Jr. acquired 24,500 shares of Synovus Financial stock in a transaction that occurred on Friday, June 7th. The stock was bought at an average price of $37.40 per share, with a total value of $916,300.00. Following the completion of the purchase, the executive vice president now directly owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial 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 in the company, valued at $685,284.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP D Wayne Akins, Jr. purchased 24,500 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were purchased at an average cost of $37.40 per share, with a total value of $916,300.00. Following the completion of the transaction, the executive vice president now owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The disclosure for this purchase can be found here. In the last quarter, insiders sold 180,326 shares of company stock valued at $4,557,245. Company insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Fifth Third Bancorp grew its holdings in Synovus Financial by 7.0% in the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after purchasing an additional 245 shares during the last quarter. Pitcairn Co. grew its stake in Synovus Financial by 2.3% during the 1st quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock worth $462,000 after buying an additional 261 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in Synovus Financial by 18.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after buying an additional 298 shares in the last quarter. Yousif Capital Management LLC raised its stake in Synovus Financial by 0.5% in the fourth quarter. Yousif Capital Management LLC now owns 69,749 shares of the bank’s stock valued at $2,626,000 after buying an additional 360 shares during the last quarter. Finally, Abich Financial Wealth Management LLC grew its stake in shares of Synovus Financial by 43.5% during 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 last quarter. Institutional investors own 83.85% of the company’s stock.

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.