Brokerages Set Synovus Financial Corp. (NYSE:SNV) Price Target at $58.08

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

Several analysts recently commented on the company. Weiss Ratings lowered Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Royal Bank Of Canada dropped their price objective on shares of Synovus Financial from $65.00 to $58.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. Stephens decreased their target price on shares of Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating for the company in a research note on Friday, October 17th. Barclays increased their price target on shares of Synovus Financial from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, December 19th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Synovus Financial from $58.00 to $65.00 and gave the company an “overweight” rating in a report on Tuesday, December 16th.

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds have recently bought and sold shares of the business. McIlrath & Eck LLC increased its position in shares of Synovus Financial by 664.8% in the third quarter. McIlrath & Eck LLC now owns 543 shares of the bank’s stock valued at $27,000 after buying an additional 472 shares in the last quarter. Elevation Point Wealth Partners LLC acquired 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 Synovus Financial in the 3rd quarter worth $38,000. Armstrong Advisory Group Inc. acquired a new position in Synovus Financial during the second quarter worth $41,000. Finally, True Wealth Design LLC raised its position in Synovus Financial by 1,817.8% during the third quarter. True Wealth Design LLC now owns 863 shares of the bank’s stock worth $42,000 after acquiring an additional 818 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Price Performance

Shares of SNV opened at $50.51 on Friday. The business’s 50-day moving average is $50.17 and its two-hundred day moving average is $49.67. The company has a market capitalization of $7.01 billion, a P/E ratio of 9.42, a P/E/G ratio of 0.88 and a beta of 1.21. Synovus Financial has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 24th. Investors 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 payout ratio is currently 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.