Synovus Financial (NYSE:SNV) Price Target Increased to $40.00 by Analysts at Piper Sandler
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Synovus Financial (NYSE:SNV) had its price target increased by Piper Sandler from $37.00 to $40.00 in a report released on Friday, The Fly reports. They currently have an overweight rating on the bank’s stock.
SNV has been the subject of several other research reports. Janney Montgomery Scott cut Synovus Financial from a buy rating to a neutral rating and set a $13.50 price objective for the company. in a research report on Tuesday, November 10th. TheStreet upgraded shares of Synovus Financial from a c+ rating to a b- rating in a research note on Monday, January 4th. Morgan Stanley upped their target price on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an overweight rating in a research report on Thursday. Jefferies Financial Group raised shares of Synovus Financial from a hold rating to a buy rating and increased their target price for the company from $24.00 to $40.00 in a report on Thursday. Finally, Truist boosted their price target on Synovus Financial from $34.00 to $37.00 in a research note on Monday, November 23rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have given a buy rating to the company’s stock. Synovus Financial presently has a consensus rating of Buy and an average price target of $33.42.
Shares of NYSE:SNV traded down $0.80 during midday trading on Friday, hitting $36.16. The stock had a trading volume of 757,715 shares, compared to its average volume of 1,162,323. Synovus Financial has a 1 year low of $10.91 and a 1 year high of $40.12. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.52. The stock has a 50 day moving average price of $32.53 and a two-hundred day moving average price of $24.98. The company has a market capitalization of $5.34 billion, a PE ratio of 15.72, a P/E/G ratio of 1.86 and a beta of 1.67.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Tuesday, October 20th. The bank reported $0.89 EPS for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.37. The firm had revenue of $491.40 million during the quarter, compared to the consensus estimate of $472.62 million. Synovus Financial had a net margin of 17.25% and a return on equity of 8.51%. During the same quarter last year, the firm earned $0.97 earnings per share. As a group, equities analysts expect that Synovus Financial will post 1.6 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, January 4th. Investors of record on Thursday, December 17th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date was Wednesday, December 16th. Synovus Financial’s payout ratio is currently 33.85%.
A number of hedge funds have recently made changes to their positions in the stock. Thomasville National Bank boosted its stake in shares of Synovus Financial by 6.1% during the 4th quarter. Thomasville National Bank now owns 21,358 shares of the bank’s stock worth $691,000 after purchasing an additional 1,223 shares during the last quarter. Matarin Capital Management LLC acquired a new stake in Synovus Financial during the third quarter worth approximately $4,248,000. Sei Investments Co. grew its stake in Synovus Financial by 66.5% in the 3rd quarter. Sei Investments Co. now owns 30,301 shares of the bank’s stock worth $641,000 after acquiring an additional 12,102 shares during the period. Teachers Retirement System of The State of Kentucky grew its stake in Synovus Financial by 34.8% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 70,775 shares of the bank’s stock worth $1,499,000 after acquiring an additional 18,278 shares during the period. Finally, Aurora Investment Counsel raised its holdings in Synovus Financial by 5.4% in the 3rd quarter. Aurora Investment Counsel now owns 56,630 shares of the bank’s stock valued at $1,750,000 after acquiring an additional 2,901 shares during the last quarter. 79.93% of the stock is owned by hedge funds and other institutional investors.
Synovus Financial Company Profile
Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. It offers private banking, treasury management, wealth management, premium finance and international banking, commercial and retail banking, financial management, insurance, and mortgage services to its customers.
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