Synovus Financial Corp. (NYSE:SNV) Given Consensus Rating of “Moderate Buy” by Brokerages

Synovus Financial Corp. (NYSE:SNV) has been assigned a consensus rating of “Moderate Buy” from the seventeen analysts that are covering the firm, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $52.71.

Several equities research analysts have issued reports on SNV shares. Wells Fargo & Company downgraded shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $48.00 to $46.00 in a research note on Tuesday, October 1st. JPMorgan Chase & Co. raised their target price on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Citigroup set a $59.00 price objective on shares of Synovus Financial in a research report on Friday, October 18th. Barclays raised their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, Royal Bank of Canada lifted their price objective on Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a report on Friday, October 18th.

Institutional Investors Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently made changes to their positions in SNV. FMR LLC lifted its holdings in shares of Synovus Financial by 5.4% in the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after acquiring an additional 598,644 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Synovus Financial by 12.8% in the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after acquiring an additional 1,095,557 shares in the last quarter. State Street Corp boosted its holdings in Synovus Financial by 3.2% during the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after buying an additional 201,362 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after purchasing an additional 491,036 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Synovus Financial by 3.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock valued at $222,022,000 after buying an additional 147,599 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Price Performance

Shares of SNV opened at $57.62 on Monday. Synovus Financial has a fifty-two week low of $29.34 and a fifty-two week high of $59.79. The firm’s 50 day moving average price is $49.06 and its 200 day moving average price is $44.16. The company has a market cap of $8.16 billion, a P/E ratio of 26.07, a PEG ratio of 2.08 and a beta of 1.37. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share 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 analysts’ expectations of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. Synovus Financial’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.84 EPS. On average, research analysts forecast that Synovus Financial will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.64%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s payout ratio is currently 68.78%.

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.