Synovus Financial Corp. (NYSE:SNV) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Synovus Financial Corp. received a consensus rating of "Moderate Buy" from 18 research firms, with 10 analysts issuing buy ratings and 8 rating it hold.
• The company reported strong earnings, with an EPS of $1.48, exceeding predictions and showing solid revenue of $592.08 million for the last quarter.
• Synovus recently declared a quarterly dividend of $0.39, representing an annual yield of 3.2%, alongside a payout ratio of approximately 29.94%.

Synovus Financial Corp. (NYSE:SNV - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the eighteen research firms that are currently covering the stock, Marketbeat.com reports. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $59.9444.

Several equities research analysts recently issued reports on SNV shares. Wells Fargo & Company reiterated an "equal weight" rating and issued a $58.00 price objective (down from $62.00) on shares of Synovus Financial in a report on Friday, July 25th. Wall Street Zen upgraded Synovus Financial from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Morgan Stanley lifted their price objective on Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. Truist Financial lifted their price objective on Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Finally, JPMorgan Chase & Co. lifted their price objective on Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st.

Synovus Financial Price Performance

NYSE:SNV opened at $49.4920 on Wednesday. Synovus Financial has a 52 week low of $35.94 and a 52 week high of $61.06. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $6.87 billion, a PE ratio of 9.50, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21. The stock's 50-day moving average price is $51.06 and its 200-day moving average price is $48.61.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, beating analysts' consensus estimates of $1.25 by $0.23. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.The firm had revenue of $592.08 million for the quarter, compared to analysts' expectations of $584.89 million. During the same period last year, the firm earned $1.16 EPS. Synovus Financial has set its FY 2025 guidance at EPS. As a group, equities analysts expect that Synovus Financial will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.2%. The ex-dividend date was Wednesday, June 18th. Synovus Financial's payout ratio is presently 29.94%.

Insider Transactions at Synovus Financial

In related news, Director Diana M. Murphy bought 1,000 shares of the stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the acquisition, the director directly owned 40,171 shares in the company, valued at approximately $1,960,344.80. This trade represents a 2.55% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory G. Montana bought 1,000 shares of the stock in a transaction dated Thursday, July 31st. The shares were bought at an average price of $46.74 per share, for a total transaction of $46,740.00. Following the completion of the acquisition, the director owned 4,341 shares in the company, valued at approximately $202,898.34. The trade was a 29.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 8,040 shares of company stock valued at $392,916. 1.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Synovus Financial

Several institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC raised its position in shares of Synovus Financial by 7.1% during the 2nd quarter. AQR Capital Management LLC now owns 3,059,102 shares of the bank's stock valued at $158,309,000 after buying an additional 201,880 shares during the period. Silvercrest Asset Management Group LLC raised its position in shares of Synovus Financial by 2.3% during the 4th quarter. Silvercrest Asset Management Group LLC now owns 2,370,521 shares of the bank's stock valued at $121,442,000 after buying an additional 53,286 shares during the period. Norges Bank purchased a new stake in shares of Synovus Financial during the 2nd quarter valued at approximately $89,347,000. Bank of New York Mellon Corp raised its position in shares of Synovus Financial by 0.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,586,599 shares of the bank's stock valued at $82,107,000 after buying an additional 8,759 shares during the period. Finally, Northern Trust Corp raised its position in shares of Synovus Financial by 32.4% during the 4th quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock valued at $70,702,000 after buying an additional 337,784 shares during the period. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.