Synovus Financial (NYSE:SNV) Price Target Raised to $60.00 at DA Davidson

Synovus Financial (NYSE:SNV) had its target price lifted by DA Davidson from $53.00 to $60.00 in a research note released on Friday, MarketBeat Ratings reports. The brokerage currently has a buy rating on the bank’s stock. DA Davidson also issued estimates for Synovus Financial’s Q4 2024 earnings at $1.11 EPS.

Several other research firms also recently issued reports on SNV. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research note on Tuesday, September 17th. Stephens lifted their target price on Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, July 19th. JPMorgan Chase & Co. increased their price target on Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a report on Friday. Royal Bank of Canada lifted their price objective on Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Barclays increased their target price on Synovus Financial from $49.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average price target of $51.35.

Synovus Financial Trading Down 0.6 %

Shares of SNV opened at $50.55 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $51.69. The stock has a market cap of $7.40 billion, a PE ratio of 17.31, a P/E/G ratio of 2.18 and a beta of 1.38. The stock’s 50-day moving average is $44.49 and its two-hundred day moving average is $41.29.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The firm had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter in the prior year, the business earned $0.84 EPS. Synovus Financial’s quarterly revenue was up 2.6% compared to the same quarter last year. Equities analysts forecast that Synovus Financial will post 4 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio is presently 52.05%.

Insider Buying and Selling

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the transaction, the executive vice president now directly owns 14,833 shares in the company, valued at $685,284.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.81% of the stock is owned by company insiders.

Institutional Trading of Synovus Financial

Several hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC increased its position in Synovus Financial by 4.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 239,165 shares of the bank’s stock worth $10,636,000 after buying an additional 9,721 shares during the period. Vest Financial LLC grew its position in shares of Synovus Financial by 12.9% during the third quarter. Vest Financial LLC now owns 33,341 shares of the bank’s stock worth $1,483,000 after acquiring an additional 3,814 shares during the last quarter. First Citizens Bank & Trust Co. increased its holdings in shares of Synovus Financial by 6.1% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 17,515 shares of the bank’s stock worth $779,000 after acquiring an additional 1,000 shares during the period. Blue Trust Inc. lifted its position in Synovus Financial by 83.6% in the 3rd quarter. Blue Trust Inc. now owns 23,858 shares of the bank’s stock valued at $1,061,000 after purchasing an additional 10,866 shares during the last quarter. Finally, V Square Quantitative Management LLC acquired a new position in Synovus Financial during the 3rd quarter valued at about $30,000. Institutional investors own 83.85% of the company’s stock.

About Synovus Financial

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company's commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.