Synovus Financial Corp. (NYSE:SNV) Receives Consensus Recommendation of “Moderate Buy” from Analysts

by · The Markets Daily

Synovus Financial Corp. (NYSE:SNV – Get Free Report) has earned an average recommendation of “Moderate Buy” from the sixteen ratings firms that are presently covering the company, Marketbeat reports. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $47.44.

A number of equities analysts have recently issued reports on the stock. Royal Bank of Canada increased their price objective on shares of Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. DA Davidson increased their price target on shares of Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Wells Fargo & Company downgraded Synovus Financial from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $48.00 to $46.00 in a report on Tuesday, October 1st. Piper Sandler increased their target price on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Finally, Evercore ISI decreased their price target on Synovus Financial from $50.00 to $48.00 and set an “in-line” rating on the stock in a research note on Wednesday.

Get Our Latest Report on Synovus Financial

Synovus Financial Trading Up 2.6 %

Shares of SNV opened at $43.83 on Friday. The stock’s 50-day moving average price is $43.86 and its 200 day moving average price is $40.78. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $6.31 billion, a price-to-earnings ratio of 15.01, a P/E/G ratio of 3.20 and a beta of 1.38. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $47.83.

Synovus Financial (NYSE:SNV – Get Free Report) last released its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. The business had revenue of $563.60 million for the quarter, compared to analysts’ expectations of $543.52 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. Synovus Financial’s quarterly revenue was down .7% on a year-over-year basis. During the same period in the previous year, the business posted $1.16 earnings per share. As a group, research analysts predict that Synovus Financial will post 4.2 earnings per share for the current year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.47%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s payout ratio is presently 52.05%.

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the sale, the executive vice president now owns 14,833 shares of the company’s stock, valued at $685,284.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.81% of the stock is owned by company insiders.

Institutional Trading of Synovus Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNV. Innealta Capital LLC bought a new position in shares of Synovus Financial in the 2nd quarter valued at about $43,000. Abich Financial Wealth Management LLC lifted its holdings in Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after buying an additional 371 shares during the period. Fidelis Capital Partners LLC bought a new position in Synovus Financial in the first quarter valued at approximately $51,000. Headlands Technologies LLC grew its holdings in Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after acquiring an additional 1,105 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in shares of Synovus Financial by 18.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after acquiring an additional 298 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

About Synovus Financial

(Get Free Report

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.

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