Synovus Financial (NYSE:SNV) Given New $56.00 Price Target at Barclays

Synovus Financial (NYSE:SNV) had its price target lifted by Barclays from $49.00 to $56.00 in a research report report published on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

A number of other research analysts also recently commented on the company. Piper Sandler increased their target price on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Wells Fargo & Company downgraded Synovus Financial from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $48.00 to $46.00 in a report on Tuesday, October 1st. Royal Bank of Canada increased their price target on Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a research report on Friday. Stephens increased their price target on Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, July 19th. Finally, Citigroup initiated coverage on Synovus Financial in a research report on Thursday, October 10th. They set a “buy” rating and a $53.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.88.

Synovus Financial Trading Down 3.3 %

Shares of SNV opened at $48.88 on Friday. The company has a market capitalization of $7.16 billion, a P/E ratio of 16.74, a P/E/G ratio of 2.36 and a beta of 1.38. Synovus Financial has a one year low of $24.40 and a one year high of $51.69. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a 50-day moving average price of $44.49 and a 200 day moving average price of $41.33.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The firm had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. Synovus Financial’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.84 earnings per share. Sell-side analysts forecast that Synovus Financial will post 4.04 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the transaction, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Synovus Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in shares of Synovus Financial by 9.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after acquiring an additional 491,036 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Synovus Financial by 181.0% during the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after acquiring an additional 838,932 shares in the last quarter. Wedge Capital Management L L P NC boosted its stake in shares of Synovus Financial by 14.9% during the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after acquiring an additional 148,842 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Synovus Financial by 2.6% in the first quarter. Principal Financial Group Inc. now owns 550,500 shares of the bank’s stock worth $22,053,000 after buying an additional 13,690 shares during the period. Finally, Diamond Hill Capital Management Inc. acquired a new stake in shares of Synovus Financial in the second quarter worth $19,434,000. 83.85% of the stock is owned by institutional investors.

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.