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

Synovus Financial (NYSE:SNV) had its target price lifted by stock analysts at Royal Bank of Canada from $49.00 to $57.00 in a report released on Friday, Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 12.09% from the stock’s current price.

Several other brokerages have also commented on SNV. Barclays upped their price objective on shares of Synovus Financial from $46.00 to $47.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. StockNews.com cut shares of Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, September 12th. Jefferies Financial Group upped their price objective on Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Evercore ISI cut their price objective on shares of Synovus Financial from $50.00 to $48.00 and set an “in-line” rating for the company in a research report on Wednesday, October 2nd. Finally, Citigroup assumed coverage on shares of Synovus Financial in a report on Thursday, October 10th. They issued a “buy” rating and a $53.00 target price for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.41.

Synovus Financial Stock Up 5.1 %

SNV stock opened at $50.85 on Friday. The stock has a 50-day simple moving average of $44.31 and a two-hundred day simple moving average of $41.21. The firm has a market capitalization of $7.45 billion, a PE ratio of 17.41, a PEG ratio of 2.18 and a beta of 1.38. 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 twelve month low of $24.40 and a twelve month high of $51.69.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The firm had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. During the same quarter in the previous year, the company posted $0.84 earnings per share. The company’s revenue was up 2.6% compared to the same quarter last year. On average, equities analysts predict that Synovus Financial will post 4 EPS for the current fiscal year.

Insider Activity at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial 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 directly owns 14,833 shares of the company’s stock, valued at $685,284.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.81% of the stock is currently owned by insiders.

Institutional Trading of Synovus Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNV. Dimensional Fund Advisors LP grew its stake in shares of Synovus Financial by 9.3% during the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after buying an additional 491,036 shares during the last quarter. Millennium Management LLC boosted its holdings in Synovus Financial by 181.0% during the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after acquiring an additional 838,932 shares during the period. Wedge Capital Management L L P NC grew its position in Synovus Financial by 14.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock valued at $46,025,000 after acquiring an additional 148,842 shares during the last quarter. Principal Financial Group Inc. increased its stake in Synovus Financial by 2.6% in the first quarter. Principal Financial Group Inc. now owns 550,500 shares of the bank’s stock worth $22,053,000 after purchasing an additional 13,690 shares during the period. Finally, Diamond Hill Capital Management Inc. purchased a new stake in Synovus Financial in the second quarter worth $19,434,000. 83.85% of the stock is 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.