Synovus Financial (NYSE:SNV) Sets New 1-Year High - What's Next?

Shares of Synovus Financial Corp. (NYSE:SNV - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $61.06 and last traded at $59.68, with a volume of 4910625 shares trading hands. The stock had previously closed at $55.53.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company restated an "equal weight" rating and set a $58.00 price target (down previously from $62.00) on shares of Synovus Financial in a report on Friday. Keefe, Bruyette & Woods raised shares of Synovus Financial from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $58.00 to $65.00 in a research report on Friday, July 18th. Stephens lowered their price objective on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. JPMorgan Chase & Co. boosted their price objective on shares of Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, Morgan Stanley boosted their price objective on shares of Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Synovus Financial has a consensus rating of "Moderate Buy" and a consensus target price of $60.44.

Synovus Financial Trading Down 12.6%

The company has a market cap of $6.89 billion, a price-to-earnings ratio of 9.51, a PEG ratio of 0.99 and a beta of 1.19. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. The business's 50 day moving average price is $50.96 and its 200-day moving average price is $49.39.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.25 by $0.23. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. The company had revenue of $592.08 million during the quarter, compared to analysts' expectations of $584.89 million. During the same quarter in the prior year, the company posted $1.16 EPS. On average, research analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend was Wednesday, June 18th. Synovus Financial's dividend payout ratio is 29.94%.

Institutional Investors Weigh In On Synovus Financial

Several large investors have recently made changes to their positions in SNV. AQR Capital Management LLC grew its holdings 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 last quarter. Norges Bank bought a new stake in shares of Synovus Financial in the 4th quarter worth about $77,209,000. Invesco Ltd. grew its holdings 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 last quarter. FMR LLC grew its holdings in Synovus Financial by 3.6% during the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank's stock worth $616,892,000 after acquiring an additional 415,201 shares during the last quarter. Finally, Prudential Financial Inc. grew its holdings in 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 acquiring an additional 411,411 shares during the last quarter. 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.