Synovus Financial (NYSE:SNV) Price Target Raised to $54.00 at Evercore ISI

Synovus Financial (NYSE:SNV) had its target price raised by Evercore ISI from $48.00 to $54.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have an in-line rating on the bank’s stock.

Several other research analysts have also issued reports on SNV. JPMorgan Chase & Co. lifted their price target on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Piper Sandler lifted their price objective on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Morgan Stanley lifted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a research report on Tuesday, September 17th. Finally, Jefferies Financial Group lifted their price objective 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. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $52.24.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $50.51 on Wednesday. Synovus Financial has a 12 month low of $25.52 and a 12 month high of $51.69. The stock has a market cap of $7.27 billion, a price-to-earnings ratio of 22.86, a PEG ratio of 1.76 and a beta of 1.38. The stock’s 50 day moving average price is $45.55 and its 200 day moving average price is $41.95. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter in the previous year, the company earned $0.84 earnings per share. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. Equities research analysts anticipate that Synovus Financial will post 4.34 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s payout ratio is presently 68.78%.

Institutional Investors Weigh In On Synovus Financial

Institutional investors and hedge funds have recently modified their holdings of the business. V Square Quantitative Management LLC acquired a new stake in shares of Synovus Financial in the 3rd quarter valued at $30,000. UMB Bank n.a. lifted its position in Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after acquiring an additional 348 shares during the last quarter. Innealta Capital LLC acquired a new position in Synovus Financial during the 2nd quarter worth $43,000. Abich Financial Wealth Management LLC lifted its position in Synovus Financial by 43.5% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after acquiring an additional 371 shares during the last quarter. Finally, Fidelis Capital Partners LLC acquired a new position in Synovus Financial during the 1st quarter worth $51,000. Institutional investors and hedge funds 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.