Truist Financial Raises Synovus Financial (NYSE:SNV) Price Target to $52.00

Synovus Financial (NYSE:SNV) had its price objective increased by Truist Financial from $50.00 to $52.00 in a report published on Friday morning, Benzinga reports. Truist Financial currently has a buy rating on the bank’s stock.

SNV has been the subject of a number of other research reports. DA Davidson upped their price objective on Synovus Financial from $47.00 to $55.00 and gave the stock a buy rating in a research note on Friday, July 19th. StockNews.com downgraded shares of Synovus Financial from a hold rating to a sell rating in a report on Thursday, September 12th. Piper Sandler raised their target price on shares of Synovus Financial from $42.00 to $53.00 and gave the company an overweight rating in a research note on Friday, July 19th. JPMorgan Chase & Co. raised their price objective on Synovus Financial from $48.00 to $49.00 and gave the company an overweight rating in a research note on Thursday, June 27th. Finally, Royal Bank of Canada lifted their target price on Synovus Financial from $45.00 to $49.00 and gave the stock an outperform rating in a report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $46.81.

Synovus Financial Price Performance

NYSE SNV opened at $45.00 on Friday. The business’s fifty day moving average is $44.30 and its 200 day moving average is $40.48. 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 quick ratio of 0.89 and a current ratio of 0.90. The company has a market capitalization of $6.59 billion, a PE ratio of 15.41, a price-to-earnings-growth ratio of 3.50 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last announced 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 company had revenue of $563.60 million during the quarter, compared to the consensus estimate of $543.52 million. During the same period in the previous year, the company posted $1.16 EPS. The firm’s revenue was down .7% on a year-over-year basis. Sell-side analysts predict that Synovus Financial will post 4.05 earnings per share for the current year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Thursday, September 19th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.38%. The ex-dividend date of this dividend is Thursday, September 19th. Synovus Financial’s dividend payout ratio is presently 52.05%.

Insider Buying and Selling at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction that occurred on 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.81% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC raised its holdings in shares of Synovus Financial by 1.1% in the 4th quarter. Janney Montgomery Scott LLC now owns 48,198 shares of the bank’s stock valued at $1,815,000 after purchasing an additional 543 shares in the last quarter. Panagora Asset Management Inc. purchased a new stake in Synovus Financial during the fourth quarter worth $420,000. Brown Advisory Inc. boosted its position in Synovus Financial by 4.1% during the 4th quarter. Brown Advisory Inc. now owns 11,909 shares of the bank’s stock valued at $448,000 after acquiring an additional 466 shares in the last quarter. Norges Bank purchased a new position in shares of Synovus Financial in the 4th quarter valued at $59,941,000. Finally, Trexquant Investment LP raised its position in shares of Synovus Financial by 917.1% in the 4th quarter. Trexquant Investment LP now owns 106,709 shares of the bank’s stock worth $4,018,000 after acquiring an additional 96,218 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

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.