Synovus Financial Corp. (NYSE:SNV) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Synovus Financial Corp. (NYSE:SNV - Get Free Report) has earned a consensus rating of "Moderate Buy" from the eighteen analysts that are presently covering the company, Marketbeat Ratings reports. Seven research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $56.11.

SNV has been the topic of several analyst reports. Barclays dropped their target price on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Stephens decreased their target price on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Royal Bank of Canada cut their price target on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Truist Financial initiated coverage on shares of Synovus Financial in a report on Tuesday. They issued a "buy" rating and a $56.00 price objective for the company. Finally, Citigroup lifted their target price on Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a report on Friday, January 17th.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Colonial Trust Co SC lifted its holdings in Synovus Financial by 554.4% during the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock valued at $30,000 after purchasing an additional 499 shares in the last quarter. Keystone Financial Group Inc. purchased a new position in shares of Synovus Financial during the 4th quarter valued at $37,000. Jones Financial Companies Lllp boosted its holdings in Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock worth $56,000 after buying an additional 461 shares during the period. V Square Quantitative Management LLC increased its stake in Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock worth $58,000 after buying an additional 466 shares in the last quarter. Finally, Millstone Evans Group LLC bought a new stake in Synovus Financial during the fourth quarter valued at about $59,000. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Stock Up 0.5%

Shares of Synovus Financial stock traded up $0.23 during trading on Monday, hitting $49.58. The company's stock had a trading volume of 854,814 shares, compared to its average volume of 1,404,655. Synovus Financial has a 52 week low of $35.81 and a 52 week high of $59.92. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The company has a fifty day simple moving average of $44.04 and a two-hundred day simple moving average of $50.47. The company has a market capitalization of $6.89 billion, a PE ratio of 16.26, a P/E/G ratio of 1.11 and a beta of 1.13.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, beating analysts' consensus estimates of $1.11 by $0.19. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. Equities research analysts predict that Synovus Financial will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend was Thursday, March 20th. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's payout ratio is currently 43.70%.

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.