DA Davidson Boosts Synovus Financial (NYSE:SNV) Price Target to $55.00

Synovus Financial (NYSE:SNV) had its price objective lifted by DA Davidson from $47.00 to $55.00 in a research note published on Friday morning, Benzinga reports. The firm currently has a buy rating on the bank’s stock. DA Davidson also issued estimates for Synovus Financial’s Q3 2024 earnings at $1.11 EPS and FY2024 earnings at $4.25 EPS.

A number of other equities research analysts also recently issued reports on the company. Morgan Stanley restated an equal weight rating and set a $37.00 price objective on shares of Synovus Financial in a research report on Monday, April 22nd. Royal Bank of Canada upped their target price on Synovus Financial from $45.00 to $49.00 and gave the company an outperform rating in a research note on Friday. Jefferies Financial Group upped their target price on Synovus Financial from $44.00 to $47.00 and gave the company a buy rating in a research note on Wednesday, July 3rd. Piper Sandler upped their target price on Synovus Financial from $42.00 to $53.00 and gave the company an overweight rating in a research note on Friday. Finally, Wells Fargo & Company upped their target price on Synovus Financial from $40.00 to $42.00 and gave the company an overweight rating in a research note on Tuesday, July 9th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $45.56.

Synovus Financial Trading Up 0.2 %

Shares of SNV stock opened at $45.09 on Friday. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $47.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. The stock’s 50 day simple moving average is $39.47 and its two-hundred day simple moving average is $38.23. The company has a market cap of $6.60 billion, a PE ratio of 15.44, a price-to-earnings-growth ratio of 3.69 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The business had revenue of $563.60 million for the quarter, compared to the consensus estimate of $543.52 million. During the same period in the prior year, the business posted $1.16 earnings per share. The company’s quarterly revenue was down .7% compared to the same quarter last year. Research analysts predict that Synovus Financial will post 3.92 earnings per share for the current year.

Synovus Financial Announces Dividend

The business 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. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $1.52 annualized dividend and a yield of 3.37%. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, major shareholder Eli Samaha sold 6,803 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total transaction of $171,571.66. Following the sale, the insider now owns 1,466,493 shares of the company’s stock, valued at approximately $36,984,953.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Synovus Financial news, major shareholder Eli Samaha sold 6,803 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $25.22, for a total transaction of $171,571.66. Following the sale, the insider now owns 1,466,493 shares of the company’s stock, valued at approximately $36,984,953.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP D Wayne Akins, Jr. bought 24,500 shares of the company’s stock in a transaction on Friday, June 7th. The shares were bought at an average cost of $37.40 per share, for a total transaction of $916,300.00. Following the transaction, the executive vice president now directly owns 41,884 shares in the company, valued at approximately $1,566,461.60. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 179,712 shares of company stock valued at $4,528,878. 0.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Synovus Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Phocas Financial Corp. purchased a new stake in shares of Synovus Financial during the 4th quarter valued at $7,115,000. Nordea Investment Management AB lifted its holdings in shares of Synovus Financial by 24.5% during the 1st quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock valued at $13,233,000 after purchasing an additional 64,621 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Synovus Financial by 346.6% during the 4th quarter. New York State Common Retirement Fund now owns 570,880 shares of the bank’s stock valued at $21,494,000 after purchasing an additional 443,056 shares during the last quarter. BIP Wealth LLC lifted its holdings in shares of Synovus Financial by 104.6% during the 4th quarter. BIP Wealth LLC now owns 46,901 shares of the bank’s stock valued at $1,766,000 after purchasing an additional 23,978 shares during the last quarter. Finally, Eventide Asset Management LLC purchased a new stake in shares of Synovus Financial during the 4th quarter valued at $968,000. Hedge funds and other 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.