Shares of Synovus Financial Corp. (NYSE:SNV) have received an average recommendation of “Hold” from the twelve brokerages that are covering the firm. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $31.56.
SNV has been the topic of a number of recent research reports. Wells Fargo & Co. downgraded Synovus Financial Corp. from a “market perform” rating to an “underperform” rating in a research note on Tuesday, August 23rd. JPMorgan Chase & Co. lowered their target price on Synovus Financial Corp. from $32.00 to $30.50 and set a “neutral” rating on the stock in a research note on Thursday, July 7th. Credit Agricole SA upgraded Synovus Financial Corp. from an “underperform” rating to an “outperform” rating and boosted their target price for the company from $30.00 to $33.00 in a research note on Friday, September 23rd. Zacks Investment Research upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a research note on Friday, June 24th. Finally, Hovde Group boosted their target price on Synovus Financial Corp. from $34.00 to $35.50 and gave the company an “outperform” rating in a research note on Friday, August 19th.
Institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in Synovus Financial Corp. during the fourth quarter valued at $34,418,000. Aperio Group LLC boosted its position in Synovus Financial Corp. by 21.6% in the first quarter. Aperio Group LLC now owns 36,534 shares of the company’s stock valued at $1,056,000 after buying an additional 6,490 shares in the last quarter. Virginia Retirement System acquired a new position in Synovus Financial Corp. during the first quarter valued at $475,000. Pacad Investment Ltd. acquired a new position in Synovus Financial Corp. during the first quarter valued at $448,000. Finally, Teachers Advisors Inc. boosted its position in Synovus Financial Corp. by 0.6% in the first quarter. Teachers Advisors Inc. now owns 912,768 shares of the company’s stock valued at $26,388,000 after buying an additional 5,102 shares in the last quarter. 76.83% of the stock is owned by institutional investors and hedge funds.
Shares of Synovus Financial Corp. (NYSE:SNV) opened at 33.14 on Thursday. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of 19.61 and a beta of 1.72. Synovus Financial Corp. has a 52 week low of $25.48 and a 52 week high of $33.80. The firm’s 50-day moving average price is $32.63 and its 200-day moving average price is $30.92.
Synovus Financial Corp. (NYSE:SNV) last issued its quarterly earnings results on Tuesday, July 19th. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.02. Synovus Financial Corp. had a return on equity of 8.42% and a net margin of 18.39%. The business had revenue of $289.30 million for the quarter, compared to the consensus estimate of $288.06 million. During the same quarter in the previous year, the company posted $0.40 earnings per share. Equities research analysts expect that Synovus Financial Corp. will post $1.86 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were given a dividend of $0.12 per share. The ex-dividend date was Tuesday, September 13th. This represents a $0.48 annualized dividend and a dividend yield of 1.45%. Synovus Financial Corp.’s dividend payout ratio is presently 28.24%.
About Synovus Financial Corp.
Synovus Financial Corp. is a financial services and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services to its customers through over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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