Synovus Financial Corp. (NYSE:SNV) Receives $46.44 Consensus Target Price from Analysts

Shares of Synovus Financial Corp. (NYSE:SNV) have been given a consensus rating of “Moderate Buy” by the sixteen ratings firms that are covering the company, Marketbeat.com reports. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $46.44.

A number of brokerages have recently weighed in on SNV. JPMorgan Chase & Co. boosted their price objective on shares of Synovus Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Stephens upped their price target on shares of Synovus Financial from $43.00 to $46.00 and gave the company an “equal weight” rating in a research report on Friday, July 19th. Wells Fargo & Company lifted their price objective on Synovus Financial from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Bank of America dropped their target price on Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a report on Friday, April 19th. Finally, Keefe, Bruyette & Woods lifted their price target on Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 9th.

Synovus Financial Stock Up 1.1 %

SNV opened at $43.33 on Friday. The business’s fifty day simple moving average is $41.37 and its 200 day simple moving average is $39.12. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $47.83. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. The stock has a market cap of $6.24 billion, a PE ratio of 14.84, a P/E/G ratio of 3.24 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, beating the consensus estimate of $0.96 by $0.20. The firm had revenue of $563.60 million for the quarter, compared to analyst estimates of $543.52 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company’s revenue was down .7% on a year-over-year basis. During the same period in the prior year, the company earned $1.16 EPS. As a group, research analysts expect that Synovus Financial will post 4.06 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Thursday, June 20th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date of this dividend was Thursday, June 20th. Synovus Financial’s dividend payout ratio is presently 52.05%.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, major shareholder Eli Samaha sold 172,889 shares of Synovus Financial 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 completion of the transaction, the insider now owns 1,293,259 shares in the company, valued at $32,590,126.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, major shareholder Eli Samaha sold 172,889 shares of the stock in a transaction dated Monday, June 10th. The shares were 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 of the company’s stock, valued at approximately $32,590,126.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP D Wayne Akins, Jr. bought 24,500 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was purchased at an average cost of $37.40 per share, with a total value of $916,300.00. Following the completion of the acquisition, the executive vice president now directly owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 180,326 shares of company stock valued at $4,557,245. Corporate insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

Institutional investors have recently added to or reduced their stakes in the business. Phocas Financial Corp. bought a new stake in shares of Synovus Financial in the fourth quarter worth approximately $7,115,000. Nordea Investment Management AB grew its position in Synovus Financial by 24.5% during the first quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock valued at $13,233,000 after buying an additional 64,621 shares during the period. New York State Common Retirement Fund grew its position in shares of Synovus Financial by 346.6% during the 4th quarter. New York State Common Retirement Fund now owns 570,880 shares of the bank’s stock valued at $21,494,000 after acquiring an additional 443,056 shares during the period. BIP Wealth LLC increased its position in Synovus Financial by 104.6% in the fourth quarter. BIP Wealth LLC now owns 46,901 shares of the bank’s stock worth $1,766,000 after buying an additional 23,978 shares in the last quarter. Finally, Eventide Asset Management LLC purchased a new stake in Synovus Financial in the 4th quarter worth approximately $968,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Company Profile

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.