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

Shares of Synovus Financial Corp. (NYSE:SNV) have been given an average recommendation of “Moderate Buy” by the eighteen ratings firms that are presently covering the company, MarketBeat.com reports. Seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $56.11.

A number of analysts have recently weighed in on SNV shares. Royal Bank of Canada cut their price objective on Synovus Financial from $64.00 to $52.00 and set an “outperform” rating on the stock in a research report on Monday, April 21st. Barclays dropped their target price on Synovus Financial from $66.00 to $60.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. DA Davidson dropped their target price on Synovus Financial from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, April 21st. JPMorgan Chase & Co. dropped their target price on Synovus Financial from $54.00 to $50.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. Finally, Stephens dropped their target price on Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating on the stock in a report on Monday, April 21st.

Hedge Funds Weigh In On Synovus Financial

Several large investors have recently bought and sold shares of the stock. Colonial Trust Co SC boosted its stake in shares of Synovus Financial by 554.4% during the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock worth $30,000 after buying an additional 499 shares during the period. Keystone Financial Group Inc. acquired a new stake in shares of Synovus Financial during the fourth quarter worth about $37,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Synovus Financial during the first quarter worth about $47,000. Jones Financial Companies Lllp boosted its stake in shares of Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after buying an additional 461 shares during the period. Finally, V Square Quantitative Management LLC boosted its stake in shares of Synovus Financial by 69.3% during the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after buying an additional 466 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Up 0.3%

Synovus Financial stock opened at $49.50 on Monday. Synovus Financial has a twelve month low of $35.81 and a twelve month high of $59.92. The stock’s fifty day simple moving average is $44.32 and its 200-day simple moving average is $50.45. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $6.88 billion, a P/E ratio of 16.23, a P/E/G ratio of 1.11 and a beta of 1.13.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. As a group, equities analysts expect that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend was Thursday, March 20th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio is currently 43.70%.

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.