Synovus Financial (NYSE:SNV) Sets New 12-Month High – Here’s What Happened

Synovus Financial Corp. (NYSE:SNV)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $55.50 and last traded at $55.31, with a volume of 42952 shares traded. The stock had previously closed at $49.78.

Wall Street Analyst Weigh In

SNV has been the subject of a number of recent research reports. Wells Fargo & Company lowered Synovus Financial from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $48.00 to $46.00 in a report on Tuesday, October 1st. Bank of America upped their target price on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a report on Friday, October 18th. JPMorgan Chase & Co. upped their price objective on Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a research note on Tuesday, September 17th. Finally, Truist Financial increased their price target on shares of Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average target price of $52.71.

Synovus Financial Stock Up 1.0 %

The stock’s 50 day moving average price is $46.34 and its 200-day moving average price is $42.58. 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 market cap of $8.05 billion, a PE ratio of 25.76, a PEG ratio of 2.11 and a beta of 1.37.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. During the same period in the previous year, the firm earned $0.84 earnings per share. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, analysts predict that Synovus Financial Corp. will post 4.36 earnings per share for the current 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 paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s payout ratio is presently 68.78%.

Institutional Trading of Synovus Financial

A number of hedge funds have recently modified their holdings of the business. V Square Quantitative Management LLC bought a new position in Synovus Financial during the 3rd quarter valued at about $30,000. UMB Bank n.a. boosted its holdings in Synovus Financial by 87.2% in the third 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 last quarter. Innealta Capital LLC bought a new stake in Synovus Financial in the 2nd quarter worth approximately $43,000. Abich Financial Wealth Management LLC grew its position in Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after purchasing an additional 371 shares during the period. Finally, Headlands Technologies LLC raised its stake in Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock valued at $55,000 after buying an additional 1,105 shares during the last quarter. 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.