Royal Bank of Canada Initiates Coverage on Synovus Financial (NYSE:SNV)

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Equities researchers at Royal Bank of Canada started coverage on shares of Synovus Financial (NYSE:SNV) in a research note issued to investors on Friday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $42.00 price target on the bank’s stock. Royal Bank of Canada’s target price suggests a potential upside of 18.58% from the stock’s previous close.

Separately, Raymond James set a C$80.00 price target on shares of West Fraser Timber and gave the stock a “strong-buy” rating in a research note on Tuesday, June 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $44.52.

NYSE:SNV opened at $35.42 on Friday. The stock has a 50-day simple moving average of $33.78. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $5.49 billion, a P/E ratio of 9.73, a P/E/G ratio of 1.08 and a beta of 1.31. Synovus Financial has a twelve month low of $29.93 and a twelve month high of $55.42.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.98 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.08. The firm had revenue of $476.50 million for the quarter, compared to the consensus estimate of $459.05 million. Synovus Financial had a net margin of 24.36% and a return on equity of 15.58%. The company’s revenue for the quarter was up 39.6% on a year-over-year basis. During the same period last year, the firm posted $0.86 earnings per share. As a group, analysts expect that Synovus Financial will post 4.02 earnings per share for the current year.

Hedge funds have recently modified their holdings of the business. Investors Research Corp acquired a new stake in shares of Synovus Financial during the first quarter valued at about $30,000. Parallel Advisors LLC increased its position in shares of Synovus Financial by 118.7% during the first quarter. Parallel Advisors LLC now owns 912 shares of the bank’s stock valued at $31,000 after acquiring an additional 495 shares during the last quarter. Parkside Financial Bank & Trust increased its position in shares of Synovus Financial by 262.3% during the first quarter. Parkside Financial Bank & Trust now owns 1,000 shares of the bank’s stock valued at $34,000 after acquiring an additional 724 shares during the last quarter. Bartlett & Co. LLC acquired a new stake in shares of Synovus Financial during the first quarter valued at about $43,000. Finally, Manchester Capital Management LLC acquired a new stake in shares of Synovus Financial during the first quarter valued at about $50,000. 82.17% of the stock is currently owned by institutional investors.

Synovus Financial Company Profile

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

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Analyst Recommendations for Synovus Financial (NYSE:SNV)

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