Barclays Issues Positive Forecast for Synovus Financial (NYSE:SNV) Stock Price

Synovus Financial (NYSE:SNV) had its price target increased by Barclays from $65.00 to $70.00 in a research report released on Friday morning,Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

Other equities analysts have also recently issued research reports about the company. Royal Bank Of Canada reduced 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 reiterated a “buy” rating and set a $63.00 target price on shares of Synovus Financial in a research note on Thursday, October 16th. Weiss Ratings cut Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. JPMorgan Chase & Co. raised their price target on Synovus Financial from $58.00 to $65.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Stephens decreased their price objective on shares of Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $58.38.

Synovus Financial Price Performance

NYSE:SNV opened at $52.65 on Friday. The stock has a market capitalization of $7.31 billion, a PE ratio of 9.82, a P/E/G ratio of 0.91 and a beta of 1.21. Synovus Financial has a 1-year low of $35.94 and a 1-year high of $61.06. The firm has a fifty day simple moving average of $47.58 and a 200 day simple moving average of $49.50. 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 announced its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 EPS for the quarter, beating analysts’ consensus estimates 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 quarter last year, the company posted $1.23 earnings per share. The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. On average, research analysts expect that Synovus Financial will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 24th. Shareholders of record on Thursday, December 18th will be given a dividend of $0.39 per share. 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 (DPR) is presently 29.10%.

Insider Buying and Selling at Synovus Financial

In other news, Director Gregory G. Montana bought 1,000 shares of the company’s stock in a transaction dated Monday, October 20th. The stock was bought at an average price of $45.37 per share, with a total value of $45,370.00. Following the completion of the acquisition, the director owned 5,464 shares of the company’s stock, valued at $247,901.68. This represents a 22.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds have recently bought and sold shares of SNV. Nomura Holdings Inc. acquired a new stake in Synovus Financial in the 3rd quarter worth about $147,271,000. AQR Capital Management LLC raised its position in shares of Synovus Financial by 168.2% in the first quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank’s stock valued at $130,546,000 after buying an additional 1,791,973 shares in the last quarter. Norges Bank acquired a new stake in shares of Synovus Financial in the second quarter valued at approximately $89,347,000. Barclays PLC boosted its stake in shares of Synovus Financial by 334.9% in the third quarter. Barclays PLC now owns 1,211,037 shares of the bank’s stock valued at $59,438,000 after buying an additional 932,602 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in Synovus Financial by 1,004.5% during the third quarter. Arrowstreet Capital Limited Partnership now owns 970,663 shares of the bank’s stock worth $47,640,000 after buying an additional 882,780 shares in the last quarter. 83.85% of the stock is owned by 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.