Keefe, Bruyette & Woods Upgrades Synovus Financial (NYSE:SNV) to "Outperform"

Keefe, Bruyette & Woods upgraded shares of Synovus Financial (NYSE:SNV - Free Report) from a market perform rating to an outperform rating in a research note issued to investors on Friday, Marketbeat reports. The firm currently has $65.00 target price on the bank's stock, up from their prior target price of $58.00.

Several other equities research analysts have also commented on SNV. Stephens dropped their price target on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Jefferies Financial Group began coverage on Synovus Financial in a research note on Wednesday, May 21st. They set a "hold" rating and a $55.00 price target for the company. Wells Fargo & Company upgraded Synovus Financial from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $50.00 to $62.00 in a research note on Thursday, July 10th. Royal Bank Of Canada lowered their target price on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Finally, DA Davidson reduced their price target on Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a research report on Monday, April 21st. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $60.67.

Synovus Financial Trading Up 3.4%

NYSE SNV traded up $1.85 during trading hours on Friday, hitting $55.70. 2,873,439 shares of the company's stock were exchanged, compared to its average volume of 1,363,101. The business's 50 day moving average is $50.33 and its 200-day moving average is $49.23. Synovus Financial has a 12-month low of $35.94 and a 12-month high of $59.92. The firm has a market capitalization of $7.74 billion, a P/E ratio of 10.69, a price-to-earnings-growth ratio of 1.02 and a beta of 1.19. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.88 and a current ratio of 0.92.

Synovus Financial (NYSE:SNV - Get Free Report) last released its earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.23. The firm had revenue of $592.08 million for the quarter, compared to the consensus estimate 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 earnings per share. As a group, analysts anticipate that Synovus Financial will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date was Wednesday, June 18th. Synovus Financial's dividend payout ratio is presently 43.70%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Raymond James Financial Inc. bought a new stake in shares of Synovus Financial in the 4th quarter worth approximately $6,687,000. HighTower Advisors LLC increased its position in Synovus Financial by 45.5% in the fourth quarter. HighTower Advisors LLC now owns 21,421 shares of the bank's stock worth $1,097,000 after buying an additional 6,699 shares during the period. Thrivent Financial for Lutherans increased its position in Synovus Financial by 13.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 166,244 shares of the bank's stock worth $8,517,000 after buying an additional 19,510 shares during the period. Xponance Inc. increased its position in Synovus Financial by 5.0% in the fourth quarter. Xponance Inc. now owns 16,377 shares of the bank's stock worth $839,000 after buying an additional 784 shares during the period. Finally, Harvest Fund Management Co. Ltd acquired a new stake in Synovus Financial in the fourth quarter worth $102,000. 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.