Synovus Financial (NYSE:SNV) Price Target Increased to $52.00 by Analysts at Truist Financial

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

SNV has been the topic of a number of other research reports. Jefferies Financial Group raised their target price on Synovus Financial from $44.00 to $47.00 and gave the stock a buy rating in a report on Wednesday, July 3rd. StockNews.com lowered Synovus Financial from a hold rating to a sell rating in a research report on Thursday, September 12th. Stephens raised their price target on Synovus Financial from $43.00 to $46.00 and gave the stock an equal weight rating in a research report on Friday, July 19th. Barclays raised their price target on Synovus Financial from $46.00 to $47.00 and gave the stock an overweight rating in a research report on Friday, July 19th. Finally, Wells Fargo & Company raised their price target on Synovus Financial from $40.00 to $42.00 and gave the stock an overweight rating in a research report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $46.81.

Synovus Financial Price Performance

Shares of SNV opened at $44.51 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $47.83. The stock has a market cap of $6.52 billion, a P/E ratio of 15.24, a price-to-earnings-growth ratio of 3.50 and a beta of 1.39. The stock’s 50-day moving average price is $44.32 and its two-hundred day moving average price is $40.52.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $563.60 million for the quarter, compared to analysts’ expectations of $543.52 million. During the same quarter last year, the business earned $1.16 earnings per share. The company’s revenue was down .7% compared to the same quarter last year. On average, equities analysts predict that Synovus Financial will post 4.05 earnings per share for the current year.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Thursday, September 19th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend is Thursday, September 19th. Synovus Financial’s dividend payout ratio is presently 52.05%.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Fifth Third Bancorp boosted its stake in shares of Synovus Financial by 7.0% during the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after acquiring an additional 245 shares during the period. Dana Investment Advisors Inc. boosted its stake in shares of Synovus Financial by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock worth $1,437,000 after acquiring an additional 254 shares during the period. Pitcairn Co. boosted its stake in shares of Synovus Financial by 2.3% during the 1st quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock worth $462,000 after acquiring an additional 261 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Synovus Financial by 18.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after acquiring an additional 298 shares during the period. Finally, Hanseatic Management Services Inc. boosted its stake in shares of Synovus Financial by 2.6% during the 2nd quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank’s stock worth $478,000 after acquiring an additional 303 shares during the period. Institutional investors and hedge funds 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.