Synovus Financial Corp. (NYSE:SNV) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Synovus Financial Corp. (NYSE:SNV) has earned a consensus recommendation of “Moderate Buy” from the sixteen research firms that are presently covering the stock, MarketBeat reports. Seven equities research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $41.38.

Several equities analysts recently commented on SNV shares. Barclays cut their price target on shares of Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Friday, April 19th. Evercore ISI increased their price target on Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a research report on Thursday, March 28th. Wells Fargo & Company lowered their price objective on shares of Synovus Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a research note on Friday, April 19th. UBS Group raised their target price on shares of Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, January 23rd. Finally, Piper Sandler dropped their target price on Synovus Financial from $46.00 to $42.00 and set an “overweight” rating on the stock in a research report on Friday, April 19th.

Institutional Trading of Synovus Financial

Large investors have recently made changes to their positions in the business. Phocas Financial Corp. purchased a new stake in Synovus Financial in the 4th quarter worth approximately $7,115,000. New York State Common Retirement Fund raised its position in shares of Synovus Financial by 346.6% in the fourth quarter. New York State Common Retirement Fund now owns 570,880 shares of the bank’s stock worth $21,494,000 after acquiring an additional 443,056 shares during the period. BIP Wealth LLC boosted its stake in shares of Synovus Financial by 104.6% during the 4th quarter. BIP Wealth LLC now owns 46,901 shares of the bank’s stock worth $1,766,000 after acquiring an additional 23,978 shares in the last quarter. American Century Companies Inc. grew its position in shares of Synovus Financial by 46.0% during the 3rd quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock valued at $26,631,000 after acquiring an additional 301,604 shares during the period. Finally, Prudential PLC acquired a new position in Synovus Financial in the 3rd quarter worth about $1,025,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Price Performance

NYSE:SNV opened at $38.70 on Thursday. The business’s 50-day moving average is $37.93 and its 200 day moving average is $35.39. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $40.92. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $5.67 billion, a P/E ratio of 13.25, a P/E/G ratio of 4.41 and a beta of 1.41.

Synovus Financial (NYSE:SNV) last released its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). The company had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.33 EPS. On average, equities research analysts forecast that Synovus Financial will post 3.76 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were given a dividend of $0.38 per share. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a yield of 3.93%. Synovus Financial’s dividend payout ratio is currently 52.05%.

About Synovus Financial

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.