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

Shares of Synovus Financial Corp. (NYSE:SNV) have earned a consensus recommendation of “Hold” from the fourteen ratings firms that are currently covering the company, MarketBeat Ratings 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 target price among brokers that have updated their coverage on the stock in the last year is $58.3846.

Several brokerages recently issued reports on SNV. Barclays lifted their price objective on Synovus Financial from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday. Stephens cut their price target on Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating for the company in a research note on Friday, October 17th. Truist Financial decreased their price objective 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. UBS Group dropped their target price on shares of Synovus Financial from $53.00 to $49.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. Finally, Weiss Ratings downgraded shares of Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th.

Synovus Financial Stock Up 1.0%

SNV stock opened at $53.14 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.57. The company’s 50-day moving average price is $47.72 and its 200 day moving average price is $49.56. Synovus Financial has a 52 week low of $35.94 and a 52 week high of $61.06. The company has a market cap of $7.38 billion, a P/E ratio of 9.91, a P/E/G ratio of 0.92 and a beta of 1.21.

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

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 24th. Shareholders of record on Thursday, December 18th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Thursday, December 18th. Synovus Financial’s dividend payout ratio is 29.10%.

Insiders Place Their Bets

In related news, Director Gregory G. Montana purchased 1,000 shares of the company’s stock in a transaction on 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 transaction, the director owned 5,464 shares of the company’s stock, valued at approximately $247,901.68. This represents a 22.40% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.00% of the company’s stock.

Institutional Trading of Synovus Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNV. McIlrath & Eck LLC lifted its holdings in Synovus Financial by 664.8% in the 3rd quarter. McIlrath & Eck LLC now owns 543 shares of the bank’s stock valued at $27,000 after purchasing an additional 472 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new position in shares of Synovus Financial in the second quarter valued at approximately $31,000. Measured Wealth Private Client Group LLC acquired a new position in shares of Synovus Financial in the third quarter valued at approximately $38,000. Armstrong Advisory Group Inc. purchased a new position in shares of Synovus Financial during the second quarter valued at approximately $41,000. Finally, True Wealth Design LLC lifted its stake in shares of Synovus Financial by 1,817.8% during the 3rd quarter. True Wealth Design LLC now owns 863 shares of the bank’s stock worth $42,000 after purchasing an additional 818 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

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.