Synovus Financial (NYSE:SNV) Upgraded to “Hold” by StockNews.com

StockNews.com upgraded shares of Synovus Financial (NYSE:SNV) from a sell rating to a hold rating in a report released on Friday morning.

Several other equities research analysts also recently commented on SNV. Citigroup set a $59.00 price objective on shares of Synovus Financial in a report on Friday. Evercore ISI dropped their price target on shares of Synovus Financial from $50.00 to $48.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 2nd. Truist Financial increased their target price on Synovus Financial from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Bank of America boosted their price objective on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Friday. Finally, Jefferies Financial Group upped their price target on Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.35.

Synovus Financial Trading Down 0.6 %

Shares of SNV stock opened at $50.55 on Friday. 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 firm has a market cap of $7.40 billion, a P/E ratio of 17.31, a PEG ratio of 2.18 and a beta of 1.38. The company has a 50 day moving average of $44.49 and a 200-day moving average of $41.29. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $51.69.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The firm had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. During the same period in the previous year, the company posted $0.84 earnings per share. The business’s revenue was up 2.6% on a year-over-year basis. Sell-side analysts anticipate that Synovus Financial will post 4 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.01%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insiders Place Their Bets

In related 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 transaction, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its holdings in Synovus Financial by 4.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 239,165 shares of the bank’s stock valued at $10,636,000 after acquiring an additional 9,721 shares during the period. Vest Financial LLC lifted its position in Synovus Financial by 12.9% in the third quarter. Vest Financial LLC now owns 33,341 shares of the bank’s stock valued at $1,483,000 after purchasing an additional 3,814 shares during the last quarter. First Citizens Bank & Trust Co. boosted its stake in shares of Synovus Financial by 6.1% during the third quarter. First Citizens Bank & Trust Co. now owns 17,515 shares of the bank’s stock valued at $779,000 after purchasing an additional 1,000 shares during the period. Blue Trust Inc. grew its holdings in shares of Synovus Financial by 83.6% in the third quarter. Blue Trust Inc. now owns 23,858 shares of the bank’s stock worth $1,061,000 after purchasing an additional 10,866 shares during the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in shares of Synovus Financial in the third quarter worth $30,000. Hedge funds and other 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.