Synovus Financial (NYSE:SNV) Price Target Increased to $53.00 by Analysts at Piper Sandler

Synovus Financial (NYSE:SNV) had its target price upped by Piper Sandler from $42.00 to $53.00 in a research note issued to investors on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

Several other brokerages have also recently issued reports on SNV. Truist Financial dropped their target price on Synovus Financial from $45.00 to $39.00 and set a buy rating on the stock in a research report on Monday, April 22nd. Evercore ISI raised their target price on Synovus Financial from $40.00 to $42.00 and gave the stock an in-line rating in a research report on Thursday, March 28th. StockNews.com raised Synovus Financial from a sell rating to a hold rating in a research report on Thursday. Raymond James cut Synovus Financial from a strong-buy rating to a market perform rating in a research report on Thursday, April 18th. Finally, Morgan Stanley reissued an equal weight rating and issued a $37.00 target price on shares of Synovus Financial in a research report on Monday, April 22nd. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Synovus Financial has an average rating of Moderate Buy and a consensus price target of $45.56.

Synovus Financial Trading Up 0.2 %

Synovus Financial stock opened at $45.09 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. Synovus Financial has a one year low of $24.40 and a one year high of $47.76. The stock has a market capitalization 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. The business’s fifty day moving average is $39.47 and its 200 day moving average is $38.23.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $543.52 million. During the same period last year, the firm posted $1.16 earnings per share. Synovus Financial’s revenue was down .7% compared to the same quarter last year. On average, sell-side analysts predict that Synovus Financial will post 3.92 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Thursday, June 20th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.37%. The ex-dividend date was Thursday, June 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Insider Activity at Synovus Financial

In related news, major shareholder Eli Samaha sold 6,803 shares of Synovus Financial 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 owns 1,466,493 shares of the company’s stock, valued at approximately $36,984,953.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP D Wayne Akins, Jr. purchased 24,500 shares of the business’s stock in a transaction on Friday, June 7th. The stock was acquired at an average price of $37.40 per share, for a total transaction of $916,300.00. Following the acquisition, the executive vice president now directly owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Eli Samaha sold 6,803 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total value of $171,571.66. Following the transaction, the insider now owns 1,466,493 shares of the company’s stock, valued at approximately $36,984,953.46. The disclosure for this sale 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 owned by company insiders.

Hedge Funds Weigh In On Synovus Financial

Institutional investors have recently added to or reduced their stakes in the company. Phocas Financial Corp. purchased a new position in Synovus Financial during the 4th quarter valued at approximately $7,115,000. Nordea Investment Management AB grew its holdings 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 buying an additional 64,621 shares in the last quarter. New York State Common Retirement Fund grew its holdings in 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 buying an additional 443,056 shares in the last quarter. BIP Wealth LLC grew its holdings in 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 buying an additional 23,978 shares in the last quarter. Finally, Eventide Asset Management LLC purchased a new position in Synovus Financial during the 4th quarter valued at approximately $968,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

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.