Synovus Financial (NYSE:SNV) Price Target Raised to $65.00

Synovus Financial (NYSE:SNV) had its price objective raised by JPMorgan Chase & Co. from $58.00 to $65.00 in a report released on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the bank’s stock.

Several other equities analysts have also recently weighed in on the stock. DA Davidson reaffirmed a “buy” rating and set a $63.00 price target on shares of Synovus Financial in a research note on Thursday, October 16th. Weiss Ratings lowered shares of Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. Barclays boosted their price target on shares of Synovus Financial from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 11th. Royal Bank Of Canada decreased their price objective on Synovus Financial from $65.00 to $58.00 and set an “outperform” rating for the company in a report on Friday, October 17th. Finally, Truist Financial lowered their target price on Synovus Financial from $56.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, October 17th. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $58.00.

Synovus Financial Price Performance

SNV stock opened at $52.29 on Tuesday. The stock has a 50-day moving average price of $47.43 and a two-hundred day moving average price of $49.47. Synovus Financial has a 1 year low of $35.94 and a 1 year high of $61.06. The stock has a market cap of $7.26 billion, a PE ratio of 9.76, a price-to-earnings-growth ratio of 0.92 and a beta of 1.21. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.57.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.10. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The company had revenue of $612.79 million during the quarter, compared to analysts’ expectations of $604.59 million. During the same period in the prior year, the firm earned $1.23 earnings per share. Synovus Financial’s revenue for the quarter was up 9.0% compared to the same quarter last year. Equities analysts forecast that Synovus Financial will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 24th. Shareholders of record on Thursday, December 18th will be paid a $0.39 dividend. The ex-dividend date is Thursday, December 18th. This represents a $1.56 annualized dividend and a yield of 3.0%. Synovus Financial’s dividend payout ratio is currently 29.10%.

Insider Activity

In other Synovus Financial news, Director Gregory G. Montana bought 1,000 shares of Synovus Financial stock in a transaction dated Monday, October 20th. The stock was bought at an average cost of $45.37 per share, for a total transaction of $45,370.00. Following the purchase, the director owned 5,464 shares of the company’s stock, valued at $247,901.68. The trade was a 22.40% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Synovus Financial

Several hedge funds have recently added to or reduced their stakes in SNV. McIlrath & Eck LLC increased its holdings in shares of Synovus Financial by 664.8% in the third quarter. McIlrath & Eck LLC now owns 543 shares of the bank’s stock valued at $27,000 after purchasing an additional 472 shares during the last quarter. Elevation Point Wealth Partners LLC bought a new stake in shares of Synovus Financial during the 2nd quarter worth about $31,000. Measured Wealth Private Client Group LLC acquired a new position in Synovus Financial in the 3rd quarter valued at about $38,000. Armstrong Advisory Group Inc. acquired a new position in Synovus Financial in the 2nd quarter valued at about $41,000. Finally, True Wealth Design LLC raised its holdings in Synovus Financial by 1,817.8% in the 3rd quarter. True Wealth Design LLC now owns 863 shares of the bank’s stock valued at $42,000 after acquiring an additional 818 shares during the period. 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.