Synovus Financial Corp. (NYSE:SNV) Receives Average Recommendation of "Hold" from Brokerages

Key Points

• Synovus Financial Corp. has received an average recommendation of "Hold" from 19 analysts, with 10 hold ratings and 9 buy ratings. The average 1-year price target is $58.50.
• CEO Kevin S. Blair and Director Diana M. Murphy recently increased their stakes in the company by purchasing shares, indicating insider confidence in the business.
• The company declared a quarterly dividend of $0.39 per share, representing an annualized dividend of $1.56 and a yield of 3.3%.

Synovus Financial Corp. (NYSE:SNV - Get Free Report) has been assigned an average rating of "Hold" from the nineteen analysts that are covering the stock, MarketBeat Ratings reports. Ten research analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $58.50.

Several research firms have recently commented on SNV. Truist Financial reduced their target price on Synovus Financial from $58.00 to $56.00 and set a "buy" rating for the company in a research note on Wednesday, September 24th. Keefe, Bruyette & Woods cut Synovus Financial from an "outperform" rating to a "market perform" rating and reduced their target price for the company from $65.00 to $50.00 in a research note on Tuesday, August 12th. Morgan Stanley increased their target price on Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th. UBS Group cut Synovus Financial from a "buy" rating to a "neutral" rating and reduced their target price for the company from $63.00 to $56.00 in a research note on Tuesday, September 2nd. Finally, Stephens reduced their target price on Synovus Financial from $60.00 to $54.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 29th.

Insider Transactions at Synovus Financial

In other news, CEO Kevin S. Blair purchased 4,040 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average cost of $49.40 per share, with a total value of $199,576.00. Following the transaction, the chief executive officer owned 164,378 shares in the company, valued at approximately $8,120,273.20. The trade was a 2.52% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Diana M. Murphy purchased 1,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the completion of the transaction, the director owned 40,171 shares in the company, valued at approximately $1,960,344.80. This represents a 2.55% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 8,040 shares of company stock valued at $392,916. 1.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Synovus Financial

Several large investors have recently added to or reduced their stakes in SNV. Elevation Point Wealth Partners LLC bought a new position in shares of Synovus Financial in the second quarter worth $31,000. Armstrong Advisory Group Inc. bought a new position in shares of Synovus Financial in the second quarter worth $41,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Synovus Financial in the first quarter worth $47,000. Ransom Advisory Ltd grew its stake in shares of Synovus Financial by 90.0% in the third quarter. Ransom Advisory Ltd now owns 950 shares of the bank's stock worth $47,000 after purchasing an additional 450 shares in the last quarter. Finally, IFP Advisors Inc grew its stake in shares of Synovus Financial by 650.4% in the second quarter. IFP Advisors Inc now owns 1,058 shares of the bank's stock worth $60,000 after purchasing an additional 917 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Stock Down 0.3%

NYSE SNV opened at $47.55 on Thursday. The stock has a market cap of $6.60 billion, a PE ratio of 9.13, a P/E/G ratio of 0.80 and a beta of 1.21. Synovus Financial has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. The business has a 50 day moving average price of $49.76 and a two-hundred day moving average price of $48.47. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77.

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

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Thursday, September 18th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Thursday, September 18th. Synovus Financial's dividend payout ratio is currently 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.

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