Synovus Financial (NYSE:SNV) Lifted to “Outperform” at Raymond James

Raymond James upgraded shares of Synovus Financial (NYSE:SNV) from a market perform rating to an outperform rating in a report issued on Tuesday morning, Marketbeat reports. The brokerage currently has $49.00 price target on the bank’s stock.

Other equities research analysts have also recently issued research reports about the company. Morgan Stanley raised their target price on Synovus Financial from $41.00 to $51.00 and gave the stock an equal weight rating in a research note on Monday, August 5th. Piper Sandler increased their price target on Synovus Financial from $42.00 to $53.00 and gave the stock an overweight rating in a report on Friday, July 19th. Truist Financial increased their price target on Synovus Financial from $44.00 to $50.00 and gave the stock a buy rating in a report on Friday, July 19th. StockNews.com lowered Synovus Financial from a hold rating to a sell rating in a report on Thursday, September 12th. Finally, DA Davidson increased their price target on Synovus Financial from $47.00 to $55.00 and gave the stock a buy rating in a report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Synovus Financial has a consensus rating of Moderate Buy and a consensus target price of $46.69.

Synovus Financial Trading Up 2.1 %

NYSE SNV opened at $45.58 on Tuesday. The business has a 50 day simple moving average of $44.19 and a 200 day simple moving average of $40.39. Synovus Financial has a one year low of $24.40 and a one year high of $47.83. The stock has a market capitalization of $6.67 billion, a P/E ratio of 15.61, a P/E/G ratio of 3.50 and a beta of 1.39. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, topping the consensus estimate of $0.96 by $0.20. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The business had revenue of $563.60 million during the quarter, compared to analysts’ expectations of $543.52 million. During the same quarter last year, the firm posted $1.16 earnings per share. The firm’s revenue was down .7% on a year-over-year basis. Research analysts expect that Synovus Financial will post 4.05 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date is Thursday, September 19th. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insiders Place Their Bets

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the sale, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at $685,284.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

A number of large investors have recently bought and sold shares of the company. Wellington Management Group LLP grew its position in shares of Synovus Financial by 56.9% in the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after purchasing an additional 2,843,488 shares in the last quarter. Norges Bank purchased a new position in shares of Synovus Financial in the fourth quarter valued at $59,941,000. Millennium Management LLC grew its position in shares of Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after purchasing an additional 838,932 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after purchasing an additional 491,036 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. purchased a new position in shares of Synovus Financial in the second quarter valued at $19,434,000. 83.85% of the stock is 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.