Synovus Financial (NYSE:SNV) PT Raised to $57.00 at Truist Financial

Synovus Financial (NYSE:SNV) had its price objective boosted by Truist Financial from $52.00 to $57.00 in a research note issued to investors on Monday, Benzinga reports. Truist Financial currently has a buy rating on the bank’s stock.

SNV has been the subject of several other research reports. Stephens raised their price target on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a report on Tuesday, September 17th. Royal Bank of Canada lifted their price objective on shares of Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. DA Davidson lifted their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Finally, Citigroup set a $59.00 price objective on shares of Synovus Financial in a research note on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $51.88.

Synovus Financial Stock Up 0.1 %

Synovus Financial stock opened at $49.07 on Monday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $51.69. The firm has a 50 day moving average price of $45.07 and a two-hundred day moving average price of $41.59. The firm has a market cap of $7.06 billion, a price-to-earnings ratio of 22.20, a PEG ratio of 1.80 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. During the same quarter last year, the business earned $0.84 EPS. The company’s revenue was up 2.6% compared to the same quarter last year. Equities analysts predict that Synovus Financial will post 4.3 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders 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 dividend on an annualized basis and a yield of 3.10%. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

Institutional Trading of Synovus Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. State of Alaska Department of Revenue boosted its holdings in Synovus Financial by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 16,928 shares of the bank’s stock worth $752,000 after acquiring an additional 1,135 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Synovus Financial by 6.0% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 6,449 shares of the bank’s stock worth $287,000 after acquiring an additional 365 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Synovus Financial by 12.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 89,295 shares of the bank’s stock worth $3,912,000 after acquiring an additional 9,693 shares in the last quarter. Values First Advisors Inc. grew its stake in shares of Synovus Financial by 1.1% in the 3rd quarter. Values First Advisors Inc. now owns 52,190 shares of the bank’s stock worth $2,321,000 after acquiring an additional 555 shares in the last quarter. Finally, Waldron Private Wealth LLC bought a new stake in shares of Synovus Financial in the 3rd quarter worth $109,000. Institutional investors own 83.85% of the company’s stock.

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.