Synovus Financial (NYSE:SNV) Receives Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Synovus Financial (NYSE:SNV) in a research note published on Wednesday, Benzinga reports. Royal Bank of Canada currently has a $38.00 price objective on the bank’s stock.

Several other research analysts have also recently weighed in on the stock. Truist Financial boosted their price objective on shares of Synovus Financial from $34.00 to $37.00 and gave the stock a buy rating in a research report on Friday, July 21st. Wells Fargo & Company decreased their target price on Synovus Financial from $50.00 to $45.00 and set an overweight rating for the company in a research report on Friday, July 21st. JPMorgan Chase & Co. boosted their price objective on shares of Synovus Financial from $37.00 to $40.00 and gave the company an overweight rating in a report on Friday, July 21st. 888 reiterated a maintains rating on shares of Synovus Financial in a report on Thursday, June 29th. Finally, DA Davidson upped their price objective on shares of Synovus Financial from $34.00 to $37.00 in a research report on Friday, July 21st. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $37.30.

Synovus Financial Stock Performance

Shares of NYSE SNV traded up $0.10 during trading hours on Wednesday, hitting $30.96. 1,235,565 shares of the stock were exchanged, compared to its average volume of 1,558,432. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.93 and a quick ratio of 0.92. The company’s 50 day moving average is $31.86 and its 200 day moving average is $31.88. The firm has a market capitalization of $4.53 billion, a P/E ratio of 6.00, a P/E/G ratio of 2.39 and a beta of 1.38. Synovus Financial has a one year low of $25.19 and a one year high of $44.91.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, July 19th. The bank reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.02. The firm had revenue of $567.81 million for the quarter, compared to analysts’ expectations of $570.82 million. Synovus Financial had a return on equity of 19.61% and a net margin of 25.05%. On average, research analysts expect that Synovus Financial will post 4.3 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SNV. Lazard Asset Management LLC boosted its position in shares of Synovus Financial by 64.8% in the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after acquiring an additional 318 shares during the period. Ameritas Advisory Services LLC bought a new position in Synovus Financial in the first quarter valued at about $27,000. Covestor Ltd grew its holdings in shares of Synovus Financial by 76.7% during the 1st quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock valued at $53,000 after purchasing an additional 472 shares during the last quarter. Belpointe Asset Management LLC lifted its stake in shares of Synovus Financial by 138.0% in the 1st quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank’s stock valued at $34,000 after acquiring an additional 635 shares during the last quarter. Finally, CoreCap Advisors LLC bought a new stake in shares of Synovus Financial during the fourth quarter worth about $48,000. Institutional investors own 78.37% 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 loans.