DA Davidson Boosts Synovus Financial (NYSE:SNV) Price Target to $55.00

Synovus Financial (NYSE:SNV) had its price target lifted by DA Davidson from $47.00 to $55.00 in a research report sent to investors on Friday, Benzinga reports. They currently have a buy rating on the bank’s stock. DA Davidson also issued estimates for Synovus Financial’s Q3 2024 earnings at $1.11 EPS and FY2024 earnings at $4.25 EPS.

Several other research firms have also recently weighed in on SNV. StockNews.com raised Synovus Financial from a sell rating to a hold rating in a research report on Thursday. Jefferies Financial Group boosted their price objective on Synovus Financial from $44.00 to $47.00 and gave the stock a buy rating in a research report on Wednesday, July 3rd. Piper Sandler boosted their price objective on Synovus Financial from $42.00 to $53.00 and gave the stock an overweight rating in a research report on Friday. Raymond James lowered Synovus Financial from a strong-buy rating to a market perform rating in a research note on Thursday, April 18th. Finally, Royal Bank of Canada boosted their target price on Synovus Financial from $45.00 to $49.00 and gave the company an outperform rating in a research note on Friday. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $45.56.

Synovus Financial Stock Up 0.2 %

Shares of NYSE:SNV opened at $45.09 on Friday. The stock has a market cap of $6.60 billion, a price-to-earnings ratio of 15.44, a PEG ratio of 3.69 and a beta of 1.40. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $47.76. The business’s 50 day moving average is $39.47 and its 200 day moving average is $38.23.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.20. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company had revenue of $563.60 million for the quarter, compared to analysts’ expectations of $543.52 million. During the same quarter in the previous year, the firm earned $1.16 earnings per share. Synovus Financial’s quarterly revenue was down .7% on a year-over-year basis. On average, sell-side analysts forecast that Synovus Financial will post 3.92 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Thursday, June 20th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, June 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.37%. Synovus Financial’s payout ratio is 52.05%.

Insider Activity at Synovus Financial

In related news, major shareholder Eli Samaha sold 172,889 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the sale, the insider now directly owns 1,293,259 shares in the company, valued at approximately $32,590,126.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Synovus Financial news, EVP D Wayne Akins, Jr. bought 24,500 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were acquired at an average cost of $37.40 per share, for a total transaction of $916,300.00. Following the purchase, the executive vice president now directly owns 41,884 shares of the company’s stock, valued at $1,566,461.60. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Eli Samaha sold 172,889 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $25.20, for a total value of $4,356,802.80. Following the completion of the transaction, the insider now owns 1,293,259 shares in the company, valued at $32,590,126.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 179,712 shares of company stock worth $4,528,878. 0.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Synovus Financial

Institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its holdings in shares of Synovus Financial by 56.9% in the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock worth $295,127,000 after purchasing an additional 2,843,488 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Synovus Financial by 24.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock worth $194,951,000 after purchasing an additional 1,016,231 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Synovus Financial by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,730,148 shares of the bank’s stock worth $140,440,000 after purchasing an additional 21,041 shares in the last quarter. Channing Capital Management LLC purchased a new position in shares of Synovus Financial in the 4th quarter worth about $72,201,000. Finally, Norges Bank purchased a new position in shares of Synovus Financial in the 4th quarter worth about $59,941,000. 83.85% of the stock is currently owned by institutional investors.

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.