Brokerages Set Synovus Financial Corp. (NYSE:SNV) Target Price at $60.44

Key Points

• Synovus Financial Corp. has received a consensus rating of "Moderate Buy" from eighteen research firms, with an average 12-month price target of $60.44.
• Recently, several analysts increased their price objectives for Synovus Financial, with JPMorgan Chase raising theirs from $50.00 to $60.00 and Keefe, Bruyette & Woods from $58.00 to $65.00.
• The stock currently has a market cap of $6.90 billion and a recent dividend yield of 3.14% following a quarterly dividend payment of $0.39 per share.

Synovus Financial Corp. (NYSE:SNV - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the eighteen brokerages that are currently covering the stock, Marketbeat reports. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $60.78.

Several brokerages recently commented on SNV. Raymond James Financial downgraded shares of Synovus Financial from a "moderate buy" rating to a "hold" rating in a research note on Monday. Wall Street Zen raised shares of Synovus Financial from a "hold" rating to a "buy" rating in a research note on Saturday. Truist Financial raised their price target on shares of Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Barclays dropped their price target on shares of Synovus Financial from $70.00 to $65.00 and set an "overweight" rating for the company in a research note on Monday. Finally, Morgan Stanley raised their price target on shares of Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th.

Synovus Financial Price Performance

NYSE:SNV traded up $0.30 on Friday, hitting $49.14. The company had a trading volume of 3,150,714 shares, compared to its average volume of 2,748,410. The stock has a market capitalization of $6.83 billion, a price-to-earnings ratio of 9.43, a PEG ratio of 0.83 and a beta of 1.19. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77. The firm has a 50 day moving average of $50.97 and a two-hundred day moving average of $49.31. 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 EPS for the quarter, beating the consensus estimate of $1.25 by $0.23. The business had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. During the same quarter in the prior year, the firm earned $1.16 EPS. On average, research analysts anticipate that Synovus Financial will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.17%. The ex-dividend date was Wednesday, June 18th. Synovus Financial's dividend payout ratio (DPR) is currently 29.94%.

Insider Activity

In other Synovus Financial news, CEO Kevin S. Blair purchased 4,040 shares of the stock in a transaction dated Tuesday, July 29th. The shares were bought at an average price of $49.40 per share, with a total value of $199,576.00. Following the completion of the transaction, the chief executive officer directly owned 164,378 shares in the company, valued at approximately $8,120,273.20. This trade represents a 2.52% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Diana M. Murphy purchased 1,000 shares of the stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the transaction, the director owned 40,171 shares of the company's stock, valued at approximately $1,960,344.80. This trade represents a 2.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 7,040 shares of company stock valued at $346,176 over the last quarter. Company insiders own 1.00% of the company's stock.

Institutional Trading of Synovus Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. Colonial Trust Co SC raised its position in shares of Synovus Financial by 554.4% in 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 during the period. Armstrong Advisory Group Inc. bought a new stake in Synovus Financial during the 2nd quarter worth approximately $41,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Synovus Financial during the 1st quarter worth approximately $47,000. IFP Advisors Inc increased its holdings in Synovus Financial by 650.4% during the 2nd quarter. IFP Advisors Inc now owns 1,058 shares of the bank's stock worth $60,000 after acquiring an additional 917 shares during the period. Finally, Spectrum Wealth Counsel LLC bought a new stake in Synovus Financial during the 1st quarter worth approximately $70,000. Institutional investors own 83.85% of the company's stock.

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.