Bank of America reissued their buy rating on shares of Synovus Financial (NYSE:SNV) in a report issued on Tuesday morning. The brokerage currently has a $48.00 price target on the bank’s stock, up from their previous price target of $40.00.
Several other equities analysts also recently issued reports on the stock. Sandler O’Neill set a $45.00 price objective on shares of Synovus Financial and gave the company a buy rating in a research note on Wednesday, January 16th. Piper Jaffray Companies raised shares of Synovus Financial from a neutral rating to an overweight rating and upped their price objective for the company from $44.00 to $45.00 in a research note on Tuesday, January 22nd. Morgan Stanley raised shares of Synovus Financial from an equal weight rating to an overweight rating and set a $50.00 price objective on the stock in a research note on Monday, November 12th. Barclays raised shares of Synovus Financial from an equal weight rating to an overweight rating and reduced their price objective for the company from $47.00 to $45.00 in a research note on Thursday, January 10th. Finally, SunTrust Banks reduced their price objective on shares of Synovus Financial to $38.00 and set a buy rating on the stock in a research note on Friday, January 4th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $45.98.
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Shares of NYSE SNV opened at $38.57 on Tuesday. Synovus Financial has a 12-month low of $29.93 and a 12-month high of $57.40. The stock has a market capitalization of $6.04 billion, a price-to-earnings ratio of 10.60, a price-to-earnings-growth ratio of 1.26 and a beta of 1.23. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.56.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Tuesday, January 15th. The bank reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.02). The firm had revenue of $365.90 million for the quarter, compared to analysts’ expectations of $370.64 million. Synovus Financial had a net margin of 26.38% and a return on equity of 15.68%. The business’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 EPS. On average, equities analysts predict that Synovus Financial will post 3.94 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Thursday, March 21st will be given a dividend of $0.30 per share. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Wednesday, March 20th. This represents a $1.20 annualized dividend and a yield of 3.11%. Synovus Financial’s dividend payout ratio is 27.47%.
Hedge funds have recently modified their holdings of the stock. JOYN Advisors Inc. increased its position in Synovus Financial by 22,242.9% during the fourth quarter. JOYN Advisors Inc. now owns 1,564 shares of the bank’s stock worth $50,000 after purchasing an additional 1,557 shares during the last quarter. Doyle Wealth Management acquired a new position in Synovus Financial during the fourth quarter worth approximately $56,000. Oregon Public Employees Retirement Fund increased its position in Synovus Financial by 3,955.8% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,934,403 shares of the bank’s stock worth $60,000 after purchasing an additional 1,886,708 shares during the last quarter. Toronto Dominion Bank acquired a new position in Synovus Financial during the fourth quarter worth approximately $75,000. Finally, ETF Managers Group LLC increased its position in shares of Synovus Financial by 17.9% in the fourth quarter. ETF Managers Group LLC now owns 2,657 shares of the bank’s stock worth $85,000 after acquiring an additional 404 shares in the last quarter. 84.01% 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 various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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