Royal Bank of Canada Trims Synovus Financial (NYSE:SNV) Target Price to $41.00

Synovus Financial (NYSE:SNV) had its price objective trimmed by Royal Bank of Canada from $44.00 to $41.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has an outperform rating on the bank’s stock.

Other equities analysts also recently issued reports about the company. Keefe, Bruyette & Woods reaffirmed a market perform rating and set a $38.00 price target (down from $46.00) on shares of Synovus Financial in a research report on Friday. Bank of America cut their target price on Synovus Financial from $44.00 to $40.00 and set a buy rating on the stock in a research report on Friday. The Goldman Sachs Group cut their target price on Synovus Financial from $46.00 to $41.00 and set a neutral rating on the stock in a research report on Friday. UBS Group upped their target price on Synovus Financial from $42.00 to $44.00 and gave the company a buy rating in a research report on Tuesday, January 23rd. Finally, Wells Fargo & Company cut their target price on Synovus Financial from $42.00 to $40.00 and set an overweight rating on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $41.18.

Synovus Financial Stock Performance

Shares of SNV stock opened at $35.68 on Friday. The business’s fifty day simple moving average is $37.88 and its 200-day simple moving average is $34.69. The company has a market cap of $5.22 billion, a PE ratio of 12.22, a PEG ratio of 3.83 and a beta of 1.40. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $40.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The business had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The business’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.33 earnings per share. Analysts expect that Synovus Financial will post 3.97 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 4.26%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s payout ratio is 52.05%.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total value of $180,394.02. Following the sale, the director now directly owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Synovus Financial

Several hedge funds have recently modified their holdings of SNV. Allworth Financial LP boosted its stake in shares of Synovus Financial by 333.5% during the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after acquiring an additional 557 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Synovus Financial during the 4th quarter worth about $28,000. MeadowBrook Investment Advisors LLC purchased a new stake in shares of Synovus Financial during the 4th quarter worth about $30,000. First Command Advisory Services Inc. purchased a new stake in shares of Synovus Financial during the 3rd quarter worth about $33,000. Finally, American National Bank purchased a new stake in shares of Synovus Financial during the 4th quarter worth about $38,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

About Synovus Financial

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.