Synovus Financial Corp. (SNV) Receives $45.98 Average Price Target from Analysts
Shares of Synovus Financial Corp. (NYSE:SNV) have been assigned an average rating of “Buy” from the seventeen analysts that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and twelve have assigned a buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $45.98.
SNV has been the subject of several analyst reports. Bank of America reaffirmed a “buy” rating and set a $48.00 price objective (up from $40.00) on shares of Synovus Financial in a research note on Tuesday, March 12th. TheStreet raised Synovus Financial from a “c+” rating to a “b-” rating in a research note on Thursday, February 28th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $49.00 price objective on shares of Synovus Financial in a research note on Sunday, February 24th. Raymond James reaffirmed a “buy” rating and set a $44.00 price objective on shares of Synovus Financial in a research note on Thursday, February 21st. Finally, Piper Jaffray Companies raised 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.
Shares of Synovus Financial stock traded down $0.21 on Wednesday, hitting $33.66. The stock had a trading volume of 168,865 shares, compared to its average volume of 1,976,727. Synovus Financial has a 52-week low of $29.93 and a 52-week high of $57.40. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market capitalization of $5.39 billion, a P/E ratio of 9.23, a PEG ratio of 1.07 and a beta of 1.27.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Thursday, March 21st will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date of this dividend is Wednesday, March 20th. This is a boost from Synovus Financial’s previous quarterly dividend of $0.25. Synovus Financial’s dividend payout ratio is 32.97%.
Large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its holdings in Synovus Financial by 182.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,318,252 shares of the bank’s stock valued at $60,363,000 after buying an additional 852,158 shares during the last quarter. Pacer Advisors Inc. grew its holdings in Synovus Financial by 12.4% during the 3rd quarter. Pacer Advisors Inc. now owns 42,174 shares of the bank’s stock valued at $1,931,000 after buying an additional 4,645 shares during the last quarter. Bank of Montreal Can grew its holdings in Synovus Financial by 611.3% during the 4th quarter. Bank of Montreal Can now owns 87,811 shares of the bank’s stock valued at $2,809,000 after buying an additional 75,466 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in Synovus Financial during the 3rd quarter valued at $13,804,000. Finally, Thrivent Financial for Lutherans grew its holdings in Synovus Financial by 2.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,189,661 shares of the bank’s stock valued at $54,475,000 after buying an additional 29,237 shares during the last quarter. Hedge funds and other institutional investors own 68.27% of the company’s stock.
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 treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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