Synovus Financial Corp. (SNV) Receives $42.50 Average Target Price from Analysts

Shares of Synovus Financial Corp. (NYSE:SNV) have been assigned an average recommendation of “Hold” from the thirteen analysts that are currently covering the firm. One investment analyst has rated the stock with a sell recommendation, ten have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $42.50.

Several research analysts have recently issued reports on the stock. Sanford C. Bernstein reiterated a “market perform” rating on shares of Synovus Financial Corp. in a report on Wednesday, December 28th. Zacks Investment Research upgraded shares of Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a report on Wednesday, November 30th. Wells Fargo & Co upgraded shares of Synovus Financial Corp. from an “underperform” rating to a “market perform” rating in a report on Monday, January 9th. Keefe, Bruyette & Woods cut shares of Synovus Financial Corp. from an “outperform” rating to a “market perform” rating and increased their price objective for the company from $36.00 to $39.00 in a report on Tuesday, November 29th. Finally, Hovde Group cut shares of Synovus Financial Corp. from an “outperform” rating to a “market perform” rating and set a $44.00 price objective for the company. in a report on Monday, January 9th.

In related news, COO Allen J. Gula sold 2,450 shares of the company’s stock in a transaction that occurred on Tuesday, January 24th. The shares were sold at an average price of $41.76, for a total value of $102,312.00. Following the completion of the sale, the chief operating officer now owns 69,943 shares in the company, valued at approximately $2,920,819.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Allan E. Kamensky purchased 1,110 shares of Synovus Financial Corp. stock in a transaction that occurred on Monday, February 13th. The stock was purchased at an average price of $42.20 per share, with a total value of $46,842.00. The disclosure for this purchase can be found here. 1.30% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the stock. Alps Advisors Inc. purchased a new stake in shares of Synovus Financial Corp. during the third quarter valued at approximately $416,000. Neuberger Berman Group LLC purchased a new stake in shares of Synovus Financial Corp. during the third quarter valued at approximately $3,498,000. Deroy & Devereaux Private Investment Counsel Inc. increased its stake in shares of Synovus Financial Corp. by 1.2% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 70,000 shares of the company’s stock valued at $2,277,000 after buying an additional 800 shares during the period. Aperio Group LLC increased its stake in shares of Synovus Financial Corp. by 3.2% in the third quarter. Aperio Group LLC now owns 37,543 shares of the company’s stock valued at $1,221,000 after buying an additional 1,174 shares during the period. Finally, Mutual of America Capital Management LLC increased its stake in shares of Synovus Financial Corp. by 1.6% in the third quarter. Mutual of America Capital Management LLC now owns 94,009 shares of the company’s stock valued at $3,058,000 after buying an additional 1,467 shares during the period. Institutional investors and hedge funds own 77.43% of the company’s stock.

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Shares of Synovus Financial Corp. (NYSE:SNV) opened at 39.41 on Tuesday. The firm has a market cap of $4.82 billion, a P/E ratio of 20.85 and a beta of 1.25. Synovus Financial Corp. has a 12 month low of $26.90 and a 12 month high of $44.09. The company has a 50-day moving average of $41.90 and a 200-day moving average of $38.39.

Synovus Financial Corp. (NYSE:SNV) last posted its earnings results on Tuesday, January 17th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. Synovus Financial Corp. had a net margin of 19.04% and a return on equity of 8.94%. The firm earned $301.70 million during the quarter, compared to analysts’ expectations of $300.21 million. During the same quarter in the prior year, the firm earned $0.44 EPS. Equities analysts forecast that Synovus Financial Corp. will post $2.24 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Thursday, March 16th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Tuesday, March 14th. This is an increase from Synovus Financial Corp.’s previous quarterly dividend of $0.12. Synovus Financial Corp.’s dividend payout ratio is 25.26%.

Synovus Financial Corp. Company Profile

Synovus Financial Corp. is a financial services company 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 locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.

5 Day Chart for NYSE:SNV

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