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

Synovus Financial Corp. (NYSE:SNV) has been given a consensus recommendation of “Hold” by the fourteen analysts that are currently covering the stock, Marketbeat reports. Eight investment analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $58.3846.

A number of research analysts recently commented on SNV shares. Barclays upped their price objective on Synovus Financial from $65.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, December 19th. Royal Bank Of Canada lowered their price target on Synovus Financial from $65.00 to $58.00 and set an “outperform” rating for the company in a report on Friday, October 17th. DA Davidson reissued a “buy” rating and set a $63.00 price objective on shares of Synovus Financial in a research report on Thursday, October 16th. Truist Financial decreased their target price on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, October 17th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Synovus Financial from $58.00 to $65.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th.

Synovus Financial Stock Down 0.5%

NYSE SNV opened at $52.72 on Tuesday. The business’s fifty day simple moving average is $48.27 and its 200-day simple moving average is $49.66. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.57. The firm has a market cap of $7.32 billion, a PE ratio of 9.83, a P/E/G ratio of 0.92 and a beta of 1.21. Synovus Financial has a 52 week low of $35.94 and a 52 week high of $61.06.

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

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 24th. Investors of record on Thursday, December 18th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.0%. The ex-dividend date was Thursday, December 18th. Synovus Financial’s dividend payout ratio (DPR) is 29.10%.

Insider Buying and Selling

In other news, Director Gregory G. Montana purchased 1,000 shares of the stock in a transaction dated Monday, October 20th. The stock was acquired at an average cost of $45.37 per share, for a total transaction of $45,370.00. Following the completion of the transaction, the director directly owned 5,464 shares in the company, valued at approximately $247,901.68. This represents a 22.40% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 1.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Synovus Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. McIlrath & Eck LLC lifted its position in shares of Synovus Financial by 664.8% during the third quarter. McIlrath & Eck LLC now owns 543 shares of the bank’s stock worth $27,000 after purchasing an additional 472 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in Synovus Financial during the 2nd quarter worth approximately $31,000. Measured Wealth Private Client Group LLC purchased a new position in Synovus Financial in the 3rd quarter valued at approximately $38,000. Armstrong Advisory Group Inc. purchased a new position in Synovus Financial in the 2nd quarter valued at approximately $41,000. Finally, True Wealth Design LLC grew its stake in shares of Synovus Financial by 1,817.8% in the third quarter. True Wealth Design LLC now owns 863 shares of the bank’s stock worth $42,000 after acquiring an additional 818 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Company Profile

Synovus Financial Corp (NYSE: SNV) is a regional financial services company headquartered in Columbus, Georgia. The company offers a comprehensive range of banking and financial products to individual consumers, small businesses, and large corporations. Synovus operates through various business segments, including commercial and retail banking, mortgage lending, treasury and payment solutions, and wealth management services.

In its commercial banking division, Synovus provides loans, lines of credit, and treasury management services tailored to the needs of businesses across multiple industries.