Synovus Financial Corp. (NYSE:SNV) Given Average Recommendation of “Hold” by Brokerages

Synovus Financial Corp. (NYSE:SNV) has earned a consensus recommendation of “Hold” from the thirteen research firms that are covering the company, MarketBeat.com reports. Eight investment analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $58.0833.

A number of research analysts recently commented on SNV shares. DA Davidson restated a “buy” rating and set a $63.00 price objective on shares of Synovus Financial in a research note on Thursday, October 16th. JPMorgan Chase & Co. raised their target price on Synovus Financial from $58.00 to $65.00 and gave the company an “overweight” rating in a research note on Tuesday, December 16th. UBS Group reduced their price target 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. Royal Bank Of Canada dropped their price objective on shares of Synovus Financial from $65.00 to $58.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. Finally, Stephens cut 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 research report on Friday, October 17th.

Synovus Financial Stock Performance

Shares of SNV stock opened at $50.51 on Friday. The company has a market cap of $7.01 billion, a P/E ratio of 9.42, a PEG ratio of 0.88 and a beta of 1.21. The business has a 50 day moving average of $49.90 and a two-hundred day moving average of $49.80. Synovus Financial has a 52 week low of $35.94 and a 52 week high of $61.06. The company has a quick ratio of 0.91, a current 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 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.10. The business had revenue of $612.79 million for the quarter, compared to analysts’ expectations of $604.59 million. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The business’s quarterly revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.23 EPS. As a group, analysts anticipate that Synovus Financial will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 24th. Shareholders of record on Thursday, December 18th were paid a $0.39 dividend. The ex-dividend date was Thursday, December 18th. This represents a $1.56 annualized dividend and a dividend yield of 3.1%. Synovus Financial’s dividend payout ratio (DPR) is presently 29.10%.

Insider Activity

In other Synovus Financial news, Director Gregory G. Montana acquired 1,000 shares of Synovus Financial 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 owned 5,464 shares in the company, valued at approximately $247,901.68. This represents a 22.40% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Synovus Financial

Hedge funds have recently added to or reduced their stakes in the business. McIlrath & Eck LLC boosted its position in Synovus Financial by 664.8% during the 3rd quarter. McIlrath & Eck LLC now owns 543 shares of the bank’s stock worth $27,000 after acquiring an additional 472 shares during the period. Elevation Point Wealth Partners LLC acquired a new position in shares of Synovus Financial during the second quarter valued at $31,000. Measured Wealth Private Client Group LLC bought a new stake in shares of Synovus Financial during the third quarter valued at about $38,000. Armstrong Advisory Group Inc. acquired a new stake in Synovus Financial in the second quarter worth about $41,000. Finally, True Wealth Design LLC grew its position 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 buying an additional 818 shares in the last quarter. 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.