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 report published on Friday, Benzinga reports. The brokerage currently has an outperform rating on the bank’s stock.

Several other research analysts have also issued reports on the company. Raymond James lowered Synovus Financial from a strong-buy rating to a market perform rating in a research report on Thursday, April 18th. Bank of America decreased their target price on Synovus Financial from $44.00 to $40.00 and set a buy rating for the company in a research report on Friday. JPMorgan Chase & Co. reduced their price objective on Synovus Financial from $50.00 to $48.00 and set an overweight rating for the company in a research report on Friday. Morgan Stanley raised their price objective on Synovus Financial from $29.00 to $37.00 and gave the company an equal weight rating in a research report on Wednesday, February 7th. Finally, Truist Financial raised their price objective on Synovus Financial from $42.00 to $45.00 and gave the company a buy rating in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $41.18.

Synovus Financial Stock Up 2.2 %

Shares of NYSE:SNV opened at $35.68 on Friday. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $40.92. The firm has a market capitalization of $5.22 billion, a P/E ratio of 12.22, a P/E/G ratio of 3.83 and a beta of 1.40. The stock has a 50 day moving average price of $37.88 and a 200-day moving average price of $34.69. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89.

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

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were paid a dividend of $0.38 per share. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 annualized dividend and a yield of 4.26%. Synovus Financial’s dividend 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 stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the sale, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

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