Royal Bank of Canada Lowers Synovus Financial (NYSE:SNV) Price Target to $41.00

Synovus Financial (NYSE:SNV) had its target price lowered by Royal Bank of Canada from $44.00 to $41.00 in a research note published on Friday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the bank’s stock.

SNV has been the topic of a number of other research reports. The Goldman Sachs Group cut their price target on Synovus Financial from $46.00 to $41.00 and set a neutral rating on the stock in a research note on Friday. JPMorgan Chase & Co. cut their price target on Synovus Financial from $50.00 to $48.00 and set an overweight rating on the stock in a research note on Friday. Barclays cut their price target on Synovus Financial from $42.00 to $39.00 and set an equal weight rating on the stock in a research note on Friday. Piper Sandler dropped their price objective on Synovus Financial from $46.00 to $42.00 and set an overweight rating on the stock in a research note on Friday. Finally, StockNews.com downgraded Synovus Financial from a hold rating to a sell rating in a research note on Thursday, February 15th. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $41.53.

Synovus Financial Stock Up 3.0 %

Shares of SNV opened at $34.91 on Friday. The business’s fifty day moving average price is $37.91 and its two-hundred day moving average price is $34.52. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market capitalization of $5.11 billion, a price-to-earnings ratio of 11.96, a PEG ratio of 3.64 and a beta of 1.40. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $40.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The company had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period last year, the company earned $1.33 EPS. On average, analysts predict that Synovus Financial will post 4.05 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 4.35%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Insiders Place Their Bets

In other news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the transaction, the director now owns 33,144 shares in the company, valued at approximately $1,280,021.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the transaction, the executive vice president now owns 11,086 shares in the company, valued at approximately $423,817.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the transaction, the director now owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Hedge funds have recently modified their holdings of the stock. Raymond James Financial Services Advisors Inc. grew its holdings in Synovus Financial by 10.4% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 14,877 shares of the bank’s stock worth $729,000 after purchasing an additional 1,401 shares during the period. Private Advisor Group LLC acquired a new stake in Synovus Financial during the first quarter worth approximately $419,000. PNC Financial Services Group Inc. lifted its position in Synovus Financial by 10.8% during the first quarter. PNC Financial Services Group Inc. now owns 11,420 shares of the bank’s stock worth $561,000 after acquiring an additional 1,109 shares during the last quarter. Great West Life Assurance Co. Can lifted its position in Synovus Financial by 10.3% during the first quarter. Great West Life Assurance Co. Can now owns 82,348 shares of the bank’s stock worth $4,147,000 after acquiring an additional 7,682 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in Synovus Financial during the first quarter worth approximately $74,000. Institutional investors own 83.85% of the company’s stock.

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.