Citigroup Begins Coverage on Synovus Financial (NYSE:SNV)

Citigroup began coverage on shares of Synovus Financial (NYSE:SNV) in a research note released on Thursday, Marketbeat.com reports. The firm issued a buy rating and a $53.00 price objective on the bank’s stock.

Several other research firms have also weighed in on SNV. Keefe, Bruyette & Woods increased their target price on Synovus Financial from $38.00 to $42.00 and gave the company a market perform rating in a research note on Tuesday, July 9th. DA Davidson lifted their price objective on shares of Synovus Financial from $47.00 to $55.00 and gave the stock a buy rating in a research note on Friday, July 19th. Royal Bank of Canada upped their target price on shares of Synovus Financial from $45.00 to $49.00 and gave the company an outperform rating in a research note on Friday, July 19th. Jefferies Financial Group lifted their price target on shares of Synovus Financial from $44.00 to $47.00 and gave the stock a buy rating in a research report on Wednesday, July 3rd. Finally, Barclays upped their price objective on shares of Synovus Financial from $46.00 to $47.00 and gave the company an overweight rating in a research report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $47.94.

Synovus Financial Stock Performance

Synovus Financial stock opened at $45.81 on Thursday. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $47.83. The company’s 50-day moving average is $43.72 and its two-hundred day moving average is $40.99. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. The company has a market cap of $6.71 billion, a PE ratio of 15.69, a PEG ratio of 2.05 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. The firm had revenue of $563.60 million for the quarter, compared to analysts’ expectations of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The business’s revenue for the quarter was down .7% on a year-over-year basis. During the same period last year, the firm earned $1.16 earnings per share. Equities analysts anticipate that Synovus Financial will post 4.02 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.32%. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insider Transactions at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the sale, the executive vice president now directly owns 14,833 shares in the company, valued at approximately $685,284.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Synovus Financial

Hedge funds have recently modified their holdings of the stock. Eventide Asset Management LLC acquired a new position in Synovus Financial during the fourth quarter valued at approximately $968,000. Teachers Retirement System of The State of Kentucky grew its stake in shares of Synovus Financial by 33.0% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 110,375 shares of the bank’s stock valued at $4,155,000 after buying an additional 27,413 shares in the last quarter. Virtu Financial LLC acquired a new position in Synovus Financial during the fourth quarter worth $338,000. Wellington Management Group LLP raised its position in Synovus Financial by 56.9% during the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock worth $295,127,000 after acquiring an additional 2,843,488 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Synovus Financial by 22.4% in the first quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock valued at $120,000 after acquiring an additional 548 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

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.