Synovus (SNV) Receives $51.91 Average Target Price from Brokerages

Synovus (NYSE:SNV) has been assigned a consensus recommendation of “Hold” from the fourteen research firms that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, nine have given a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $51.91.

Several equities analysts have recently commented on SNV shares. Keefe, Bruyette & Woods restated a “hold” rating and issued a $53.00 price objective on shares of Synovus in a research report on Friday, December 22nd. Zacks Investment Research upgraded Synovus from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research report on Tuesday, December 26th. Barclays boosted their price objective on Synovus from $49.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 2nd. Robert W. Baird restated an “average” rating and issued a $47.00 price objective on shares of Synovus in a research report on Wednesday, January 3rd. Finally, Hovde Group restated a “hold” rating and issued a $53.00 price objective on shares of Synovus in a research report on Tuesday, January 23rd.

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In related news, VP Mark G. Holladay sold 5,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $50.16, for a total value of $250,800.00. Following the sale, the vice president now directly owns 52,063 shares in the company, valued at $2,611,480.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Allen J. Gula sold 2,450 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $50.22, for a total value of $123,039.00. Following the completion of the sale, the chief operating officer now owns 70,111 shares in the company, valued at $3,520,974.42. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of the business. Maltese Capital Management LLC raised its position in Synovus by 0.3% during the fourth quarter. Maltese Capital Management LLC now owns 405,065 shares of the bank’s stock valued at $19,419,000 after purchasing an additional 1,065 shares during the period. Signature Estate & Investment Advisors LLC raised its position in Synovus by 7.4% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 15,884 shares of the bank’s stock valued at $761,000 after purchasing an additional 1,098 shares during the period. Chicago Equity Partners LLC raised its position in Synovus by 0.8% during the fourth quarter. Chicago Equity Partners LLC now owns 157,510 shares of the bank’s stock valued at $7,551,000 after purchasing an additional 1,245 shares during the period. Brandywine Global Investment Management LLC raised its position in Synovus by 1.0% during the fourth quarter. Brandywine Global Investment Management LLC now owns 172,532 shares of the bank’s stock valued at $8,272,000 after purchasing an additional 1,717 shares during the period. Finally, Teachers Retirement System of The State of Kentucky raised its position in Synovus by 7.6% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 25,342 shares of the bank’s stock valued at $1,215,000 after purchasing an additional 1,800 shares during the period. Institutional investors and hedge funds own 81.01% of the company’s stock.

Shares of Synovus stock traded down $1.57 during trading hours on Wednesday, hitting $48.97. The company’s stock had a trading volume of 1,055,217 shares, compared to its average volume of 759,251. Synovus has a 12-month low of $39.07 and a 12-month high of $53.14. The company has a market capitalization of $5,998.15, a price-to-earnings ratio of 19.36, a PEG ratio of 1.85 and a beta of 1.05. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.60.

Synovus (NYSE:SNV) last announced its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.05. Synovus had a return on equity of 11.20% and a net margin of 18.27%. The business had revenue of $339.07 million for the quarter, compared to the consensus estimate of $338.60 million. During the same period in the previous year, the business earned $0.54 earnings per share. The business’s revenue was up 10.3% on a year-over-year basis. equities analysts expect that Synovus will post 3.42 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Thursday, March 15th were given a $0.25 dividend. This is an increase from Synovus’s previous quarterly dividend of $0.15. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date was Wednesday, March 14th. Synovus’s payout ratio is currently 39.53%.

Synovus announced that its board has approved a share repurchase program on Tuesday, January 23rd that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

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Synovus 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 cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

Analyst Recommendations for Synovus (NYSE:SNV)

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