Synovus Financial Corp. (NYSE:SNV) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Synovus Financial Corp. (NYSE:SNV) have received an average rating of “Moderate Buy” from the eighteen ratings firms that are presently covering the company, Marketbeat reports. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $57.86.

SNV has been the subject of a number of research analyst reports. Stephens lifted their price objective on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. DA Davidson lifted their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a report on Tuesday, September 17th. Wells Fargo & Company raised their price objective on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. lowered their target price on Synovus Financial from $63.00 to $60.50 and set an “overweight” rating for the company in a report on Tuesday, January 7th.

Institutional Trading of Synovus Financial

A number of institutional investors have recently bought and sold shares of the stock. V Square Quantitative Management LLC purchased a new position in shares of Synovus Financial in the third quarter worth about $30,000. UMB Bank n.a. boosted its holdings in shares of Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after acquiring an additional 348 shares during the last quarter. Quarry LP acquired a new stake in shares of Synovus Financial in the third quarter worth $41,000. Headlands Technologies LLC raised its holdings in shares of Synovus Financial by 404.8% during the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after purchasing an additional 1,105 shares during the last quarter. Finally, Brooklyn Investment Group purchased a new position in shares of Synovus Financial during the third quarter worth $56,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Stock Performance

Synovus Financial stock opened at $51.97 on Tuesday. Synovus Financial has a 1-year low of $33.44 and a 1-year high of $59.92. The company’s 50-day moving average is $54.29 and its 200 day moving average is $48.01. The firm has a market capitalization of $7.36 billion, a P/E ratio of 23.52, a price-to-earnings-growth ratio of 1.58 and a beta of 1.39. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. The firm had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. Synovus Financial’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the company earned $0.84 EPS. Research analysts forecast that Synovus Financial will post 4.37 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.92%. Synovus Financial’s payout ratio is 68.78%.

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.