Synovus Financial (NYSE:SNV) Reaches New 1-Year High – Time to Buy?

Synovus Financial Corp. (NYSE:SNV) shares reached a new 52-week high during trading on Monday . The stock traded as high as $59.83 and last traded at $59.78, with a volume of 68885 shares trading hands. The stock had previously closed at $57.62.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SNV. Barclays increased their target price on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Bank of America upped their price target on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Truist Financial lifted their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a report on Monday, October 21st. DA Davidson raised their target price on shares of Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Finally, The Goldman Sachs Group boosted their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Synovus Financial has an average rating of “Moderate Buy” and an average target price of $53.94.

Synovus Financial Price Performance

The business has a fifty day moving average of $49.34 and a two-hundred day moving average of $44.30. 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 firm has a market capitalization of $8.29 billion, a price-to-earnings ratio of 26.22, a price-to-earnings-growth ratio of 2.12 and a beta of 1.37.

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 the consensus estimate of $1.09 by $0.14. The company had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company’s revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.84 earnings per share. As a group, research analysts predict that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.60%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s payout ratio is 68.78%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new position in shares of Synovus Financial during the third quarter worth approximately $30,000. UMB Bank n.a. grew its position in Synovus Financial by 87.2% during the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after buying an additional 348 shares in the last quarter. Quarry LP bought 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 2nd quarter valued at $43,000. Finally, Abich Financial Wealth Management LLC lifted its position in shares of Synovus Financial by 43.5% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after acquiring an additional 371 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.