Brokerages Set Synovus Financial Corp. (NYSE:SNV) Target Price at $59.94

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%.

Shares of Synovus Financial Corp. (NYSE:SNV - Get Free Report) have received an average rating of "Moderate Buy" from the eighteen analysts that are covering the company, MarketBeat reports. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $59.9444.

A number of research analysts have recently weighed in on the company. Stephens cut their price objective on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 29th. Barclays cut their price objective on Synovus Financial from $70.00 to $65.00 and set an "overweight" rating for the company in a research report on Monday, July 28th. Keefe, Bruyette & Woods downgraded shares of Synovus Financial from an "outperform" rating to a "market perform" rating and lowered their price target for the company from $65.00 to $50.00 in a report on Tuesday, August 12th. Raymond James Financial downgraded shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a report on Monday, July 28th. Finally, Truist Financial increased their price target on shares of Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th.

Insider Activity

In other news, Director Diana M. Murphy acquired 1,000 shares of Synovus Financial stock in a transaction that occurred on Tuesday, July 29th. The shares were bought at an average cost of $48.80 per share, with a total value of $48,800.00. Following the transaction, the director directly owned 40,171 shares of the company's stock, valued at $1,960,344.80. This trade represents a 2.55% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Gregory G. Montana acquired 1,000 shares of Synovus Financial stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average cost of $46.74 per share, for a total transaction of $46,740.00. Following the completion of the transaction, the director directly owned 4,341 shares in the company, valued at $202,898.34. This trade represents a 29.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 8,040 shares of company stock valued at $392,916. Company insiders own 1.00% of the company's stock.

Institutional Investors Weigh In On Synovus Financial

Several hedge funds have recently modified their holdings of SNV. AQR Capital Management LLC lifted its position in shares of Synovus Financial by 168.2% in 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 during the period. Norges Bank purchased a new stake in shares of Synovus Financial in the 2nd quarter worth approximately $89,347,000. Invesco Ltd. lifted its position in shares of Synovus Financial by 201.0% in the 1st quarter. Invesco Ltd. now owns 820,782 shares of the bank's stock worth $38,363,000 after purchasing an additional 548,092 shares during the period. Millennium Management LLC lifted its position in shares of Synovus Financial by 125.5% in the 1st quarter. Millennium Management LLC now owns 646,098 shares of the bank's stock worth $30,199,000 after purchasing an additional 359,568 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of Synovus Financial by 5,495.2% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank's stock worth $17,924,000 after purchasing an additional 343,613 shares during the period. Hedge funds and other institutional investors own 83.85% of the company's stock.

Synovus Financial Price Performance

Shares of Synovus Financial stock traded up $1.57 during trading on Wednesday, reaching $50.70. 2,420,657 shares of the stock traded hands, compared to its average volume of 2,183,634. The company has a market capitalization of $7.04 billion, a price-to-earnings ratio of 9.73, a P/E/G ratio of 0.86 and a beta of 1.21. The business has a fifty day simple moving average of $51.16 and a two-hundred day simple moving average of $48.42. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. Synovus Financial has a 52-week low of $35.94 and a 52-week high of $61.06.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, beating analysts' consensus estimates of $1.25 by $0.23. The firm had revenue of $592.08 million during the quarter, compared to analyst estimates of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%.During the same quarter last year, the business posted $1.16 earnings per share. Synovus Financial has set its FY 2025 guidance at EPS. Sell-side analysts expect that Synovus Financial will post 4.89 EPS for the current 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 given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Wednesday, June 18th. Synovus Financial's dividend payout ratio is 29.94%.

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.