Synovus Financial Corp. (NYSE:SNV) Given Average Rating of "Moderate Buy" by Brokerages

Synovus Financial Corp. (NYSE:SNV - Get Free Report) has received an average recommendation of "Moderate Buy" from the eighteen analysts that are covering the firm, MarketBeat reports. Eight investment analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $56.56.

Several analysts recently weighed in on SNV shares. Barclays decreased their target price on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Morgan Stanley lowered their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 13th. Raymond James cut shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Wells Fargo & Company reduced their price target on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Finally, Jefferies Financial Group began coverage on shares of Synovus Financial in a research report on Wednesday, May 21st. They set a "hold" rating and a $55.00 price objective for the company.

Synovus Financial Stock Performance

Shares of SNV opened at $47.54 on Friday. Synovus Financial has a 52-week low of $35.81 and a 52-week high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $6.61 billion, a PE ratio of 15.59, a P/E/G ratio of 1.11 and a beta of 1.18. The firm has a 50-day moving average price of $44.57 and a 200 day moving average price of $49.82.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. On average, sell-side analysts anticipate that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Thursday, June 19th will be given a $0.39 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.56 annualized dividend and a dividend yield of 3.28%. Synovus Financial's dividend payout ratio is presently 43.70%.

Institutional Investors Weigh In On Synovus Financial

Institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC raised its stake in shares of Synovus Financial by 168.2% during the 1st quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank's stock worth $130,546,000 after purchasing an additional 1,791,973 shares in the last quarter. Norges Bank bought a new stake in Synovus Financial during the fourth quarter worth $77,209,000. Invesco Ltd. lifted its stake in Synovus Financial by 201.0% in the first quarter. Invesco Ltd. now owns 820,782 shares of the bank's stock valued at $38,363,000 after acquiring an additional 548,092 shares during the last quarter. FMR LLC lifted its stake in Synovus Financial by 3.6% in the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank's stock valued at $616,892,000 after purchasing an additional 415,201 shares during the last quarter. Finally, Prudential Financial Inc. lifted its stake in shares of Synovus Financial by 349.4% during the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank's stock worth $27,108,000 after buying an additional 411,411 shares during the last quarter. Institutional investors own 83.85% of the company's stock.

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.

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