Analysts Set Synovus Financial Corp. (NYSE:SNV) PT at $58.08

Shares of Synovus Financial Corp. (NYSE:SNV) have been given a consensus recommendation of “Hold” by the thirteen research firms that are presently covering the firm, MarketBeat.com reports. Eight analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $58.0833.

Several brokerages recently issued reports on SNV. Truist Financial dropped their target price on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, October 17th. Weiss Ratings cut Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. DA Davidson restated a “buy” rating and issued a $63.00 price target on shares of Synovus Financial in a research note on Thursday, October 16th. Stephens reduced their price objective on Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating for the company in a research report on Friday, October 17th. Finally, Royal Bank Of Canada lowered their target price on Synovus Financial from $65.00 to $58.00 and set an “outperform” rating on the stock in a report on Friday, October 17th.

Institutional Trading of Synovus Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. McIlrath & Eck LLC grew its position in shares of Synovus Financial by 664.8% during the 3rd quarter. McIlrath & Eck LLC now owns 543 shares of the bank’s stock valued at $27,000 after acquiring an additional 472 shares during the period. Elevation Point Wealth Partners LLC bought a new stake in Synovus Financial in the 2nd quarter valued at $31,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of Synovus Financial in the third quarter worth about $38,000. Armstrong Advisory Group Inc. purchased a new stake in shares of Synovus Financial during the 2nd quarter worth approximately $41,000. Finally, True Wealth Design LLC raised its stake in Synovus Financial by 1,817.8% during the third quarter. True Wealth Design LLC now owns 863 shares of the bank’s stock valued at $42,000 after purchasing an additional 818 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $50.51 on Friday. The firm’s 50-day moving average price is $50.33 and its 200-day moving average price is $49.65. Synovus Financial has a 52-week low of $35.94 and a 52-week high of $61.06. The company has a market cap of $7.01 billion, a PE ratio of 9.42, a PEG ratio of 0.88 and a beta of 1.21. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.57.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 24th. Stockholders of record on Thursday, December 18th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Thursday, December 18th. Synovus Financial’s dividend payout ratio is 29.10%.

About Synovus Financial

Synovus Financial Corp (NYSE: SNV) is a regional financial services company headquartered in Columbus, Georgia. The company offers a comprehensive range of banking and financial products to individual consumers, small businesses, and large corporations. Synovus operates through various business segments, including commercial and retail banking, mortgage lending, treasury and payment solutions, and wealth management services.

In its commercial banking division, Synovus provides loans, lines of credit, and treasury management services tailored to the needs of businesses across multiple industries.