Keefe, Bruyette & Woods Increases Synovus Financial (NYSE:SNV) Price Target to $46.00

by · The Cerbat Gem

Synovus Financial (NYSE:SNV – Free Report) had its target price increased by Keefe, Bruyette & Woods from $45.00 to $46.00 in a research report report published on Friday morning, Benzinga reports. The brokerage currently has an outperform rating on the bank’s stock.

SNV has been the subject of a number of other reports. Raymond James raised Synovus Financial from an outperform rating to a strong-buy rating and increased their target price for the stock from $34.00 to $45.00 in a research note on Friday, January 5th. Wells Fargo & Company reduced their price objective on Synovus Financial from $45.00 to $33.00 and set an overweight rating for the company in a research report on Wednesday, October 4th. Evercore ISI reaffirmed an inline rating and set a $40.00 price objective on shares of Synovus Financial in a research report on Wednesday, January 3rd. Royal Bank of Canada reaffirmed an outperform rating and set a $42.00 price objective on shares of Synovus Financial in a research report on Friday. Finally, Bank of America cut their price target on shares of Synovus Financial from $37.00 to $34.00 in a research report on Tuesday, October 10th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $38.13.

View Our Latest Stock Report on SNV

Synovus Financial Price Performance

NYSE SNV opened at $38.43 on Friday. The business has a 50 day simple moving average of $35.04 and a 200 day simple moving average of $31.63. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $44.44. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market cap of $5.62 billion, a price-to-earnings ratio of 11.11 and a beta of 1.42.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Thursday, December 21st were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date of this dividend was Wednesday, December 20th. Synovus Financial’s dividend payout ratio is presently 43.93%.

Insiders Place Their Bets

In other Synovus Financial news, EVP Allan E. Kamensky sold 19,301 shares of Synovus Financial stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $35.01, for a total value of $675,728.01. Following the completion of the sale, the executive vice president now owns 66,783 shares in the company, valued at approximately $2,338,072.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

A number of large investors have recently modified their holdings of the business. Raymond James Financial Services Advisors Inc. increased its stake in shares of Synovus Financial by 10.4% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 14,877 shares of the bank’s stock valued at $729,000 after buying an additional 1,401 shares during the period. Private Advisor Group LLC acquired a new position in Synovus Financial in the first quarter valued at $419,000. PNC Financial Services Group Inc. lifted its holdings in Synovus Financial by 10.8% in the first quarter. PNC Financial Services Group Inc. now owns 11,420 shares of the bank’s stock valued at $561,000 after buying an additional 1,109 shares during the period. Great West Life Assurance Co. Can lifted its holdings in Synovus Financial by 10.3% in the first quarter. Great West Life Assurance Co. Can now owns 82,348 shares of the bank’s stock valued at $4,147,000 after buying an additional 7,682 shares during the period. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Synovus Financial in the 1st quarter valued at $74,000. Institutional investors and hedge funds own 79.92% of the company’s stock.

Synovus Financial Company Profile

(Get Free Report)

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 loans.

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