Royal Bank of Canada Increases Synovus Financial (NYSE:SNV) Price Target to $57.00

by · The Markets Daily

Synovus Financial (NYSE:SNV – Free Report) had its target price lifted by Royal Bank of Canada from $49.00 to $57.00 in a research report released on Friday morning, MarketBeat Ratings reports. They currently have an outperform rating on the bank’s stock.

Other equities research analysts have also recently issued reports about the stock. Piper Sandler upped their target price on shares of Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Citigroup assumed coverage on shares of Synovus Financial in a research report on Thursday, October 10th. They set a “buy” rating and a $53.00 target price for the company. Barclays boosted their price objective on Synovus Financial from $46.00 to $47.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. DA Davidson lifted their price target on Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, Evercore ISI dropped their price target on 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. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.88.

View Our Latest Report on Synovus Financial

Synovus Financial Stock Performance

Shares of SNV stock opened at $48.88 on Friday. 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 company’s 50-day simple moving average is $44.49 and its 200-day simple moving average is $41.33. The stock has a market capitalization of $7.16 billion, a price-to-earnings ratio of 16.74, a PEG ratio of 2.36 and a beta of 1.38. Synovus Financial has a one year low of $24.40 and a one year high of $51.69.

Synovus Financial (NYSE:SNV – Get Free Report) last released its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $557.64 million. During the same quarter in the prior year, the firm earned $0.84 EPS. The company’s revenue was up 2.6% compared to the same quarter last year. Equities analysts anticipate that Synovus Financial will post 4.04 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced 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 was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.11%. Synovus Financial’s dividend payout ratio (DPR) is 52.05%.

Insider Activity at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the sale, the executive vice president now owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.81% of the stock is currently owned by insiders.

Institutional Trading of Synovus Financial

Several hedge funds and other institutional investors have recently bought and sold shares of SNV. Nordea Investment Management AB lifted its holdings in Synovus Financial by 24.5% during the 1st quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock worth $13,233,000 after buying an additional 64,621 shares during the last quarter. &PARTNERS acquired a new stake in shares of Synovus Financial in the second quarter worth $284,000. Texas Permanent School Fund Corp increased its holdings in Synovus Financial by 19.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock valued at $6,150,000 after buying an additional 25,028 shares during the period. Private Capital Management LLC raised its stake in shares of Synovus Financial by 6.2% in the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock valued at $14,644,000 after acquiring an additional 21,456 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Synovus Financial by 92.0% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock valued at $1,852,000 after acquiring an additional 22,621 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

About Synovus Financial

(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 lending services.

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