Synovus Financial (NYSE:SNV) Price Target Raised to $45.00

Synovus Financial (NYSE:SNV - Free Report) had its price objective lifted by Truist Financial from $42.00 to $45.00 in a research report report published on Monday morning, Benzinga reports. Truist Financial currently has a buy rating on the bank's stock.

Other equities analysts have also recently issued reports about the company. The Goldman Sachs Group raised their price objective on Synovus Financial from $33.00 to $37.00 and gave the stock a neutral rating in a research note on Monday, December 18th. Raymond James raised Synovus Financial from an outperform rating to a strong-buy rating and raised their price target for the company from $34.00 to $45.00 in a report on Friday, January 5th. StockNews.com lowered Synovus Financial from a hold rating to a sell rating in a report on Thursday, February 15th. Keefe, Bruyette & Woods lifted their target price on Synovus Financial from $45.00 to $46.00 and gave the stock an outperform rating in a report on Friday, January 19th. Finally, Evercore ISI lifted their target price on Synovus Financial from $40.00 to $42.00 and gave the stock an in-line rating in a report on Thursday. One analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $39.06.

Synovus Financial Stock Down 2.1 %

NYSE SNV traded down $0.83 during trading hours on Monday, hitting $39.23. The company had a trading volume of 1,091,192 shares, compared to its average volume of 1,470,647. Synovus Financial has a fifty-two week low of $24.40 and a fifty-two week high of $40.92. The company has a market capitalization of $5.74 billion, a price-to-earnings ratio of 11.34 and a beta of 1.40. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. The firm's 50 day moving average is $37.90 and its 200 day moving average is $33.65.

Synovus Financial (NYSE:SNV - Get Free Report) last released its earnings results on Wednesday, January 17th. The bank reported $0.80 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.14). The business had revenue of $488.68 million for the quarter, compared to analysts' expectations of $527.60 million. Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. Sell-side analysts anticipate that Synovus Financial will post 4.03 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 Monday, April 1st. Stockholders of record on Thursday, March 21st will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Wednesday, March 20th. This represents a $1.52 annualized dividend and a dividend yield of 3.87%. Synovus Financial's dividend payout ratio is 43.93%.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total transaction of $78,180.35. Following the completion of the sale, the executive vice president now directly owns 11,086 shares in the company, valued at approximately $423,817.78. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the firm's stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the transaction, the executive vice president now directly owns 11,086 shares of the company's stock, valued at approximately $423,817.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the transaction, the director now directly owns 33,144 shares in the company, valued at $1,280,021.28. The disclosure for this sale can be found here. 0.81% of the stock is owned by corporate insiders.

Institutional Trading of Synovus Financial

Institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP boosted its stake in Synovus Financial by 56.9% in the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank's stock valued at $295,127,000 after buying an additional 2,843,488 shares in the last quarter. Virtu Financial LLC acquired a new position in Synovus Financial in the fourth quarter worth $338,000. Teachers Retirement System of The State of Kentucky boosted its stake in Synovus Financial by 33.0% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 110,375 shares of the bank's stock worth $4,155,000 after purchasing an additional 27,413 shares in the last quarter. Eventide Asset Management LLC acquired a new position in Synovus Financial in the fourth quarter worth $968,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in Synovus Financial by 3.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 126,965 shares of the bank's stock worth $4,781,000 after purchasing an additional 3,780 shares in the last quarter. 83.85% of the stock is currently owned by 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.