Synovus Financial (NYSE:SNV) Given New $62.00 Price Target at Citigroup

Synovus Financial (NYSE:SNV) had its price target raised by Citigroup from $59.00 to $62.00 in a research note published on Friday,Benzinga reports. Citigroup currently has a buy rating on the bank’s stock.

A number of other brokerages also recently commented on SNV. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Wells Fargo & Company lifted their price target on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. DA Davidson upped their price objective on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Morgan Stanley raised their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Finally, Deutsche Bank Aktiengesellschaft started coverage on Synovus Financial in a report on Monday, December 9th. They set a “buy” rating and a $64.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial has an average rating of “Moderate Buy” and a consensus target price of $58.44.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $54.60 on Friday. 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 stock has a 50 day moving average price of $54.23 and a 200 day moving average price of $48.30. The stock has a market capitalization of $7.73 billion, a PE ratio of 24.70, a price-to-earnings-growth ratio of 1.31 and a beta of 1.39. Synovus Financial has a 52 week low of $33.44 and a 52 week high of $59.92.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. During the same quarter in the prior year, the business posted $0.80 EPS. The business’s revenue was up 18.8% compared to the same quarter last year. Analysts predict that Synovus Financial will post 4.39 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.78%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s dividend payout ratio (DPR) is currently 68.78%.

Hedge Funds Weigh In On Synovus Financial

Hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its position in shares of Synovus Financial by 12.8% during the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after acquiring an additional 1,095,557 shares during the period. Millennium Management LLC raised its stake in Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after purchasing an additional 838,932 shares in the last quarter. FMR LLC lifted its position in Synovus Financial by 5.4% during the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after purchasing an additional 598,644 shares during the period. TruWealth Advisors LLC acquired a new stake in Synovus Financial during the fourth quarter worth about $12,350,000. Finally, State Street Corp increased its holdings in Synovus Financial by 3.2% in the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after buying an additional 201,362 shares during the period. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Company Profile

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.