Synovus Financial (NYSE:SNV) Rating Increased to Outperform at Raymond James

Raymond James upgraded shares of Synovus Financial (NYSE:SNV) from a market perform rating to an outperform rating in a report released on Tuesday morning, Marketbeat Ratings reports. Raymond James currently has $49.00 target price on the bank’s stock.

SNV has been the subject of several other research reports. JPMorgan Chase & Co. increased their price objective on shares of Synovus Financial from $48.00 to $49.00 and gave the company an overweight rating in a research note on Thursday, June 27th. Jefferies Financial Group raised their price target on shares of Synovus Financial from $44.00 to $47.00 and gave the stock a buy rating in a research note on Wednesday, July 3rd. Stephens raised their price target on shares of Synovus Financial from $43.00 to $46.00 and gave the stock an equal weight rating in a research note on Friday, July 19th. Wells Fargo & Company raised their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an overweight rating in a research note on Tuesday, July 9th. Finally, Truist Financial raised their price target on shares of Synovus Financial from $44.00 to $50.00 and gave the stock a buy rating in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $46.81.

Synovus Financial Trading Down 1.3 %

NYSE:SNV opened at $45.00 on Tuesday. 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 firm has a market cap of $6.59 billion, a price-to-earnings ratio of 15.41, a price-to-earnings-growth ratio of 3.50 and a beta of 1.39. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $47.83. The firm has a 50-day moving average price of $44.26 and a two-hundred day moving average price of $40.43.

Synovus Financial (NYSE:SNV) last posted 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. The firm had revenue of $563.60 million during the quarter, compared to analyst estimates of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter last year, the business posted $1.16 EPS. On average, equities analysts expect that Synovus Financial will post 4.05 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th will be issued 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 payout ratio is 52.05%.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the transaction, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

A number of hedge funds have recently made changes to their positions in SNV. Innealta Capital LLC bought a new stake in shares of Synovus Financial during the 2nd quarter worth $43,000. Abich Financial Wealth Management LLC lifted its holdings in shares of Synovus Financial by 43.5% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after acquiring an additional 371 shares during the last quarter. Fidelis Capital Partners LLC bought a new stake in shares of Synovus Financial during the 1st quarter worth $51,000. Headlands Technologies LLC lifted its holdings in shares of Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after acquiring an additional 1,105 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Synovus Financial by 288.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,608 shares of the bank’s stock worth $61,000 after acquiring an additional 1,194 shares during the last quarter. 83.85% of the stock is 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.