Analysts Set Synovus Financial Corp. (NYSE:SNV) PT at $42.63

Shares of Synovus Financial Corp. (NYSE:SNV) have been assigned an average rating of “Moderate Buy” from the sixteen brokerages that are currently covering the company, MarketBeat Ratings reports. Six analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $45.81.

A number of research analysts have recently issued reports on SNV shares. Wells Fargo & Company upped their price target on Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Evercore ISI upped their price objective on Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a research report on Thursday, March 28th. Royal Bank of Canada upped their price objective on Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a research report on Friday. Jefferies Financial Group upped their price objective on Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Finally, Truist Financial boosted their price target on Synovus Financial from $44.00 to $50.00 and gave the company a “buy” rating in a report on Friday.

Insider Activity

In other Synovus Financial news, major shareholder Eli Samaha sold 6,803 shares of the company’s stock in a transaction that occurred 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 directly owns 1,466,493 shares in the company, valued at $36,984,953.46. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Synovus Financial news, EVP D Wayne Akins, Jr. acquired 24,500 shares of the business’s stock in a transaction on Friday, June 7th. The shares were bought at an average price of $37.40 per share, with a total value of $916,300.00. Following the transaction, 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Eli Samaha sold 6,803 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total transaction of $171,571.66. Following the sale, the insider now directly owns 1,466,493 shares of the company’s stock, valued at $36,984,953.46. The disclosure for this sale can be found here. In the last three months, insiders have sold 179,712 shares of company stock worth $4,528,878. 0.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Phocas Financial Corp. bought a new stake in shares of Synovus Financial in the fourth quarter valued at about $7,115,000. Nordea Investment Management AB boosted its position in 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 acquiring an additional 64,621 shares in the last quarter. New York State Common Retirement Fund increased its holdings in shares of Synovus Financial by 346.6% in 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 acquiring an additional 443,056 shares during the period. BIP Wealth LLC raised its position in shares of Synovus Financial by 104.6% in the 4th quarter. BIP Wealth LLC now owns 46,901 shares of the bank’s stock worth $1,766,000 after acquiring an additional 23,978 shares in the last quarter. Finally, Eventide Asset Management LLC bought a new stake in Synovus Financial during the fourth quarter valued at about $968,000. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Trading Up 1.8 %

Shares of NYSE SNV opened at $45.90 on Tuesday. The firm’s 50 day moving average price is $39.60 and its 200-day moving average price is $38.30. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $47.76. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The company has a market cap of $6.72 billion, a PE ratio of 15.72, a P/E/G ratio of 3.64 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, topping 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%. The company’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter last year, the company earned $1.16 EPS. On average, equities research analysts expect that Synovus Financial will post 3.92 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Thursday, June 20th were paid a $0.38 dividend. The ex-dividend date was Thursday, June 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.31%. Synovus Financial’s payout ratio 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.