Recent Research Analysts’ Ratings Updates for Synovus Financial (SNV)

by · The Markets Daily

A number of firms have modified their ratings and price targets on shares of Synovus Financial (NYSE: SNV) recently:

  • 10/30/2024 – Synovus Financial had its price target raised by analysts at Evercore ISI from $48.00 to $54.00. They now have an “in-line” rating on the stock.
  • 10/21/2024 – Synovus Financial had its price target raised by analysts at Morgan Stanley from $51.00 to $55.00. They now have an “equal weight” rating on the stock.
  • 10/21/2024 – Synovus Financial had its price target raised by analysts at Truist Financial Co. from $52.00 to $57.00. They now have a “buy” rating on the stock.
  • 10/18/2024 – Synovus Financial was given a new $59.00 price target on by analysts at Citigroup Inc..
  • 10/18/2024 – Synovus Financial had its price target raised by analysts at JPMorgan Chase & Co. from $52.00 to $59.00. They now have an “overweight” rating on the stock.
  • 10/18/2024 – Synovus Financial had its price target raised by analysts at Barclays PLC from $49.00 to $56.00. They now have an “overweight” rating on the stock.
  • 10/18/2024 – Synovus Financial had its price target raised by analysts at Royal Bank of Canada from $49.00 to $57.00. They now have an “outperform” rating on the stock.
  • 10/18/2024 – Synovus Financial was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
  • 10/18/2024 – Synovus Financial had its price target raised by analysts at Stephens from $46.00 to $52.00. They now have an “equal weight” rating on the stock.
  • 10/18/2024 – Synovus Financial had its price target raised by analysts at Bank of America Co. from $48.00 to $57.00. They now have a “buy” rating on the stock.
  • 10/18/2024 – Synovus Financial had its price target raised by analysts at DA Davidson from $53.00 to $60.00. They now have a “buy” rating on the stock.
  • 10/10/2024 – Synovus Financial is now covered by analysts at Citigroup Inc.. They set a “buy” rating and a $53.00 price target on the stock.
  • 10/9/2024 – Synovus Financial had its price target lowered by analysts at JPMorgan Chase & Co. from $55.00 to $52.00. They now have an “overweight” rating on the stock.
  • 10/2/2024 – Synovus Financial had its price target lowered by analysts at Evercore ISI from $50.00 to $48.00. They now have an “in-line” rating on the stock.
  • 10/1/2024 – Synovus Financial was downgraded by analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating. They now have a $46.00 price target on the stock, down previously from $48.00.
  • 9/20/2024 – Synovus Financial had its price target raised by analysts at Truist Financial Co. from $50.00 to $52.00. They now have a “buy” rating on the stock.
  • 9/17/2024 – Synovus Financial was upgraded by analysts at Raymond James from a “market perform” rating to an “outperform” rating. They now have a $49.00 price target on the stock.
  • 9/12/2024 – Synovus Financial was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating.

Synovus Financial Stock Performance

Shares of SNV traded up $8.06 during trading hours on Wednesday, hitting $57.84. The company’s stock had a trading volume of 3,045,756 shares, compared to its average volume of 1,408,413. The company has a market cap of $8.33 billion, a price-to-earnings ratio of 26.17, a PEG ratio of 1.76 and a beta of 1.37. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The business has a 50 day simple moving average of $45.89 and a two-hundred day simple moving average of $42.38. Synovus Financial Corp. has a 52-week low of $26.76 and a 52-week high of $57.87.

Synovus Financial (NYSE:SNV – Get Free Report) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. During the same period in the previous year, the firm posted $0.84 earnings per share. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, equities analysts expect that Synovus Financial Corp. will post 4.36 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 2.63%. Synovus Financial’s payout ratio is 68.78%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SNV. Millennium Management LLC boosted its holdings in Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after acquiring an additional 838,932 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after buying an additional 491,036 shares during the last quarter. Diamond Hill Capital Management Inc. bought a new stake in shares of Synovus Financial during the second quarter valued at approximately $19,434,000. Interval Partners LP raised its holdings in shares of Synovus Financial by 74.2% during the first quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock valued at $15,570,000 after purchasing an additional 165,548 shares during the last quarter. Finally, Wedge Capital Management L L P NC boosted its stake in shares of Synovus Financial by 14.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after buying an additional 148,842 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

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.

Read More