Synovus Financial (NYSE:SNV) PT Raised to $56.00 at Barclays

Synovus Financial (NYSE:SNV) had its price target upped by Barclays from $49.00 to $56.00 in a research report report published on Friday, Benzinga reports. They currently have an overweight rating on the bank’s stock.

A number of other equities analysts have also weighed in on the stock. Royal Bank of Canada upped their target price on shares of Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a research report on Friday. StockNews.com cut Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 12th. Piper Sandler boosted their target price on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Morgan Stanley raised their price target on Synovus Financial from $41.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Finally, JPMorgan Chase & Co. decreased their price objective on Synovus Financial from $55.00 to $52.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $51.35.

Synovus Financial Price Performance

NYSE:SNV opened at $50.55 on Friday. The stock has a market cap of $7.40 billion, a PE ratio of 17.31, a P/E/G ratio of 2.18 and a beta of 1.38. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. The business’s 50-day simple moving average is $44.49 and its two-hundred day simple moving average is $41.29. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $51.69.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. During the same quarter last year, the company earned $0.84 EPS. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. As a group, analysts forecast that Synovus Financial will post 4 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.01%. Synovus Financial’s dividend payout ratio is presently 52.05%.

Insider Buying and Selling

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 completion of the transaction, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Synovus Financial

Large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its stake in Synovus Financial by 9.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after buying an additional 491,036 shares during the period. Millennium Management LLC grew its stake in Synovus Financial by 181.0% in the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after acquiring an additional 838,932 shares in the last quarter. Wedge Capital Management L L P NC increased its position in shares of Synovus Financial by 14.9% during the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after acquiring an additional 148,842 shares during the period. Principal Financial Group Inc. raised its stake in shares of Synovus Financial by 2.6% during the first quarter. Principal Financial Group Inc. now owns 550,500 shares of the bank’s stock valued at $22,053,000 after acquiring an additional 13,690 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. purchased a new stake in shares of Synovus Financial in the second quarter valued at approximately $19,434,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

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.