Synovus Financial (NYSE:SNV) Given New $41.00 Price Target at Royal Bank of Canada

Synovus Financial (NYSE:SNV) had its target price reduced by Royal Bank of Canada from $44.00 to $41.00 in a research report sent to investors on Friday, Benzinga reports. They currently have an outperform rating on the bank’s stock.

A number of other analysts also recently commented on SNV. StockNews.com downgraded Synovus Financial from a hold rating to a sell rating in a research note on Thursday, February 15th. Barclays dropped their price objective on Synovus Financial from $42.00 to $39.00 and set an equal weight rating on the stock in a research note on Friday. Morgan Stanley boosted their target price on Synovus Financial from $29.00 to $37.00 and gave the stock an equal weight rating in a research report on Wednesday, February 7th. UBS Group boosted their target price on Synovus Financial from $42.00 to $44.00 and gave the stock a buy rating in a research report on Tuesday, January 23rd. Finally, Bank of America cut their target price on Synovus Financial from $44.00 to $40.00 and set a buy rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $41.53.

Synovus Financial Stock Up 3.0 %

Shares of Synovus Financial stock 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 current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $5.11 billion, a P/E ratio of 11.96, a PEG ratio of 3.64 and a beta of 1.40. Synovus Financial has a 1-year low of $24.40 and a 1-year high of $40.92.

Synovus Financial (NYSE:SNV) last announced its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same period in the previous year, the firm earned $1.33 EPS. The firm’s revenue was down 12.4% on a year-over-year basis. As a group, research analysts forecast that Synovus Financial will post 4.05 EPS 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 paid a $0.38 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a yield of 4.35%. Synovus Financial’s dividend payout ratio (DPR) is currently 52.05%.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 2,045 shares of the business’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 transaction, the executive vice president now owns 11,086 shares in the company, valued at $423,817.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Synovus Financial news, EVP Thomas T. Dierdorff sold 2,045 shares of the business’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 transaction, the executive vice president now owns 11,086 shares in the company, valued at $423,817.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Tim E. Bentsen sold 4,671 shares of the business’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 in the company, 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.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Allworth Financial LP lifted its position in shares of Synovus Financial by 333.5% in the fourth 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 acquired a new stake in shares of Synovus Financial in the fourth quarter worth about $28,000. MeadowBrook Investment Advisors LLC acquired a new stake in shares of Synovus Financial in the fourth quarter worth about $30,000. Lazard Asset Management LLC lifted 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 worth $30,000 after buying an additional 318 shares during the last quarter. Finally, American National Bank acquired a new stake in shares of Synovus Financial in the fourth quarter worth about $38,000. Hedge funds and other 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.