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

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

A number of other analysts have also issued reports on SNV. StockNews.com lowered Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 12th. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a report on Tuesday, September 17th. Wells Fargo & Company downgraded Synovus Financial from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $48.00 to $46.00 in a report on Tuesday, October 1st. JPMorgan Chase & Co. lowered their price target on Synovus Financial from $55.00 to $52.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Finally, Truist Financial raised their price objective on Synovus Financial from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.88.

Synovus Financial Trading Down 3.3 %

SNV stock opened at $48.88 on Friday. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $51.69. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. The company 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. The business has a 50 day simple moving average of $44.49 and a two-hundred day simple moving average of $41.33.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. During the same period in the prior year, the company earned $0.84 EPS. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. Research analysts anticipate that Synovus Financial will post 4.04 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given 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 3.11%. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insider Transactions at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s 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 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 is accessible through the SEC website. 0.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Synovus Financial

A number of institutional investors and hedge funds have recently bought and sold shares of SNV. Allspring Global Investments Holdings LLC grew its stake in shares of Synovus Financial by 4.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 239,165 shares of the bank’s stock worth $10,636,000 after buying an additional 9,721 shares during the last quarter. Vest Financial LLC grew its stake in Synovus Financial by 12.9% in the 3rd quarter. Vest Financial LLC now owns 33,341 shares of the bank’s stock worth $1,483,000 after acquiring an additional 3,814 shares in the last quarter. First Citizens Bank & Trust Co. raised its holdings in Synovus Financial by 6.1% in the third quarter. First Citizens Bank & Trust Co. now owns 17,515 shares of the bank’s stock worth $779,000 after purchasing an additional 1,000 shares in the last quarter. Blue Trust Inc. lifted its position in Synovus Financial by 83.6% during the 3rd quarter. Blue Trust Inc. now owns 23,858 shares of the bank’s stock worth $1,061,000 after acquiring an additional 10,866 shares during the period. Finally, V Square Quantitative Management LLC acquired a new stake in Synovus Financial during the third quarter valued at $30,000. 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.