Wall Street Zen Upgrades Synovus Financial (NYSE:SNV) to Buy

Key Points

• Synovus Financial has been upgraded to a "buy" rating by Wall Street Zen, changing from a previous "hold" rating as per a research report released on Saturday.
• In addition, multiple analysts have raised their price targets for Synovus Financial, with Truist Financial increasing it from $56 to $60, and JP Morgan boosting it from $50 to $60.
• Synovus Financial reported a strong quarterly earnings with an EPS of $1.48, surpassing expectations by $0.23, indicating robust performance within the bank's operations.

Wall Street Zen upgraded shares of Synovus Financial (NYSE:SNV - Free Report) from a hold rating to a buy rating in a research note published on Saturday.

Several other equities research analysts also recently commented on SNV. Jefferies Financial Group started coverage on shares of Synovus Financial in a research report on Wednesday, May 21st. They set a "hold" rating and a $55.00 target price for the company. Stephens dropped their price target on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Morgan Stanley increased their target price on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. Wells Fargo & Company restated an "equal weight" rating and set a $58.00 price objective (down previously from $62.00) on shares of Synovus Financial in a research report on Friday. Finally, JPMorgan Chase & Co. increased their target price on shares of Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $60.78.

Synovus Financial Price Performance

Shares of NYSE SNV traded up $0.30 during midday trading on Friday, reaching $49.14. 3,150,714 shares of the company were exchanged, compared to its average volume of 2,748,410. The stock's 50-day moving average price is $50.97 and its 200-day moving average price is $49.31. The stock has a market cap of $6.83 billion, a P/E ratio of 9.43, a PEG ratio of 0.83 and a beta of 1.19. Synovus Financial has a one year low of $35.94 and a one year high of $61.06. 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 issued its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, topping analysts' consensus estimates of $1.25 by $0.23. The company had revenue of $592.08 million for the quarter, compared to analyst estimates 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 previous year, the business earned $1.16 earnings per share. On average, sell-side analysts anticipate that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

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

Insiders Place Their Bets

In other Synovus Financial news, CEO Kevin S. Blair purchased 4,040 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average cost of $49.40 per share, with a total value of $199,576.00. Following the completion of the acquisition, the chief executive officer directly owned 164,378 shares of the company's stock, valued at $8,120,273.20. This trade represents a 2.52% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was purchased at an average cost of $48.90 per share, with a total value of $97,800.00. Following the completion of the acquisition, the chief financial officer directly owned 58,220 shares of the company's stock, valued at approximately $2,846,958. This trade represents a 3.56% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 7,040 shares of company stock worth $346,176 over the last three months. Company insiders own 1.00% of the company's stock.

Institutional Investors Weigh In On Synovus Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of SNV. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Synovus Financial in the second quarter valued at $2,916,000. Nordea Investment Management AB increased its position in Synovus Financial by 0.3% during the 2nd quarter. Nordea Investment Management AB now owns 281,862 shares of the bank's stock worth $14,668,000 after purchasing an additional 778 shares in the last quarter. Allianz Asset Management GmbH purchased a new stake in Synovus Financial during the 2nd quarter worth about $1,644,000. New York State Teachers Retirement System increased its position in Synovus Financial by 16.3% during the 2nd quarter. New York State Teachers Retirement System now owns 97,157 shares of the bank's stock worth $5,028,000 after purchasing an additional 13,590 shares in the last quarter. Finally, Bayforest Capital Ltd purchased a new stake in Synovus Financial during the 2nd quarter worth about $173,000. Institutional investors and hedge funds 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.