Synovus Financial (NYSE:SNV) Upgraded by Truist Financial to Strong-Buy Rating

Truist Financial upgraded shares of Synovus Financial (NYSE:SNV - Free Report) to a strong-buy rating in a research report sent to investors on Monday, May 12th,Zacks.com reports.

SNV has been the topic of a number of other research reports. Royal Bank of Canada dropped their target price on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Stephens dropped their target price on 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. Morgan Stanley dropped their target price on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 13th. Citigroup lifted their target price on Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a research report on Friday, January 17th. Finally, JPMorgan Chase & Co. dropped their target price on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Eight equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Synovus Financial has an average rating of "Moderate Buy" and a consensus price target of $56.11.

Synovus Financial Stock Down 0.5%

Shares of NYSE:SNV traded down $0.26 during trading on Monday, hitting $49.21. 836,243 shares of the company's stock traded hands, compared to its average volume of 1,406,139. Synovus Financial has a 52 week low of $35.81 and a 52 week high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The company has a market cap of $6.84 billion, a price-to-earnings ratio of 16.13, a price-to-earnings-growth ratio of 1.11 and a beta of 1.13. The company has a 50-day moving average price of $44.32 and a 200-day moving average price of $50.46.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $573.24 million for the quarter, compared to analysts' expectations of $572.35 million. As a group, research analysts forecast that Synovus Financial will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were paid a $0.39 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.17%. Synovus Financial's payout ratio is 43.70%.

Institutional Trading of Synovus Financial

Several institutional investors have recently added to or reduced their stakes in SNV. Proficio Capital Partners LLC bought a new stake in shares of Synovus Financial during the 4th quarter valued at $3,798,000. Northern Trust Corp boosted its stake in Synovus Financial by 32.4% in the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock valued at $70,702,000 after buying an additional 337,784 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Synovus Financial in the fourth quarter valued at about $1,504,000. SG Americas Securities LLC boosted its stake in Synovus Financial by 11.0% in the fourth quarter. SG Americas Securities LLC now owns 12,547 shares of the bank's stock valued at $643,000 after buying an additional 1,240 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its position in Synovus Financial by 4.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 51,357 shares of the bank's stock valued at $2,631,000 after purchasing an additional 2,166 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

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.