Synovus Financial Corp. (NYSE:SNV) Given Consensus Rating of “Moderate Buy” by Brokerages

Synovus Financial Corp. (NYSE:SNV) has earned a consensus rating of “Moderate Buy” from the sixteen ratings firms that are presently covering the company, MarketBeat.com reports. Seven research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $41.50.

Several research firms recently commented on SNV. Truist Financial cut their price target on Synovus Financial from $45.00 to $39.00 and set a “buy” rating on the stock in a research note on Monday, April 22nd. Morgan Stanley reiterated an “equal weight” rating and set a $37.00 target price on shares of Synovus Financial in a research note on Monday, April 22nd. Piper Sandler dropped their price target on shares of Synovus Financial from $46.00 to $42.00 and set an “overweight” rating for the company in a research note on Friday, April 19th. Stephens reiterated an “equal weight” rating and set a $38.00 price objective on shares of Synovus Financial in a research note on Tuesday. Finally, Bank of America reduced their price target on shares of Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, April 19th.

Synovus Financial Price Performance

SNV stock opened at $39.11 on Thursday. The stock has a 50-day simple moving average of $37.99 and a 200-day simple moving average of $35.51. The firm has a market cap of $5.73 billion, a P/E ratio of 13.39, a price-to-earnings-growth ratio of 4.48 and a beta of 1.41. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $40.92.

Synovus Financial (NYSE:SNV) last posted its earnings results on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The firm had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. During the same period in the previous year, the firm posted $1.33 earnings per share. The company’s revenue for the quarter was down 12.4% on a year-over-year basis. On average, equities analysts predict that Synovus Financial will post 3.76 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were given a dividend of $0.38 per share. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 annualized dividend and a dividend yield of 3.89%. Synovus Financial’s dividend payout ratio is currently 52.05%.

Institutional Investors Weigh In On Synovus Financial

Hedge funds have recently made changes to their positions in the business. Allworth Financial LP increased its position in Synovus Financial by 333.5% in the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after acquiring an additional 557 shares during the period. International Assets Investment Management LLC bought a new position in shares of Synovus Financial in the fourth quarter worth $28,000. MeadowBrook Investment Advisors LLC acquired a new position in shares of Synovus Financial during the fourth quarter valued at $30,000. First Command Advisory Services Inc. acquired a new position in shares of Synovus Financial during the third quarter valued at $33,000. Finally, American National Bank bought a new stake in shares of Synovus Financial during the fourth quarter valued at about $38,000. 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.