Synovus Financial (NYSE:SNV) Price Target Raised to $55.00 at Wells Fargo & Company

Synovus Financial (NYSE:SNV) had its price objective lifted by Wells Fargo & Company from $51.00 to $55.00 in a research note released on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the bank’s stock.

Several other research analysts have also commented on the stock. Barclays raised their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Evercore ISI raised their price target on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. DA Davidson upped their price objective on Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Royal Bank of Canada lifted their target price on Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Finally, Stephens upped their price target on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $54.47.

Synovus Financial Stock Performance

NYSE:SNV opened at $56.00 on Tuesday. Synovus Financial has a fifty-two week low of $32.53 and a fifty-two week high of $59.92. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. The company has a 50 day moving average price of $50.57 and a 200 day moving average price of $44.91. The stock has a market capitalization of $7.93 billion, a P/E ratio of 25.34, a PEG ratio of 2.04 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same period in the previous year, the firm posted $0.84 earnings per share. The company’s revenue was up 2.6% on a year-over-year basis. Equities research analysts forecast that Synovus Financial will post 4.37 EPS for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.71%. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SNV. V Square Quantitative Management LLC acquired a new stake in shares of Synovus Financial in the third quarter valued at approximately $30,000. UMB Bank n.a. boosted its stake in Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after purchasing an additional 348 shares during the period. Quarry LP purchased a new position in Synovus Financial during the 3rd quarter worth $41,000. Innealta Capital LLC acquired a new position in Synovus Financial in the second quarter valued at $43,000. Finally, Brooklyn Investment Group purchased a new stake in shares of Synovus Financial in the third quarter valued at about $56,000. Institutional investors and hedge funds 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.