Synovus Financial (NYSE:SNV) Given New $57.00 Price Target at Royal Bank of Canada

Synovus Financial (NYSE:SNV) had its price objective increased by Royal Bank of Canada from $49.00 to $57.00 in a report issued on Friday, Marketbeat reports. The brokerage currently has an outperform rating on the bank’s stock.

A number of other analysts have also recently commented on SNV. Truist Financial upped their price target on Synovus Financial from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Evercore ISI lowered their target price on shares of Synovus Financial from $50.00 to $48.00 and set an “in-line” rating for the company in a research note on Wednesday, October 2nd. DA Davidson boosted their price target on shares of Synovus Financial from $47.00 to $55.00 and gave the company a “buy” rating in a report on Friday, July 19th. Barclays raised their price objective on Synovus Financial from $46.00 to $47.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Finally, StockNews.com cut Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, September 12th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Synovus Financial currently has an average rating of “Moderate Buy” and an average target price of $51.35.

Synovus Financial Price Performance

Shares of SNV stock opened at $50.55 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $51.69. The firm has a market cap of $7.40 billion, a price-to-earnings ratio of 17.31, a PEG ratio of 2.18 and a beta of 1.38. The stock has a 50-day moving average price of $44.49 and a 200 day moving average price of $41.29.

Synovus Financial (NYSE:SNV) last issued its quarterly 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. The company had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. Synovus Financial’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.84 EPS. Research analysts expect that Synovus Financial will post 4 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.01%. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insider Activity

In related news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the transaction, the executive vice president now owns 14,833 shares in the company, valued at approximately $685,284.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Synovus Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its position in shares of Synovus Financial by 6.5% in the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock valued at $167,000 after acquiring an additional 229 shares during the last quarter. Fifth Third Bancorp increased its position in shares of Synovus Financial by 7.0% during the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after purchasing an additional 245 shares during the last quarter. Dana Investment Advisors Inc. raised its stake in shares of Synovus Financial by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock worth $1,437,000 after purchasing an additional 254 shares in the last quarter. Pitcairn Co. boosted its holdings in shares of Synovus Financial by 2.3% in the 1st quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock valued at $462,000 after buying an additional 261 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Synovus Financial by 18.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after buying an additional 298 shares in the last quarter. 83.85% of the stock is owned by institutional investors.

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.