Royal Bank of Canada Lowers Synovus Financial (NYSE:SNV) Price Target to $52.00

Synovus Financial (NYSE:SNV) had its price objective lowered by equities research analysts at Royal Bank of Canada from $64.00 to $52.00 in a report issued on Monday,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 30.23% from the company’s previous close.

A number of other analysts have also recently issued reports on SNV. Stephens reduced their target price on shares of Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating for the company in a research note on Monday. Citigroup raised their target price on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Friday, January 17th. Morgan Stanley decreased their price target on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. Wells Fargo & Company cut their price objective on Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 9th. Finally, JPMorgan Chase & Co. decreased their target price on Synovus Financial from $54.00 to $50.00 and set an “overweight” rating for the company in a research report on Monday. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $56.17.

Synovus Financial Stock Down 3.3 %

SNV stock traded down $1.36 during midday trading on Monday, reaching $39.93. The company had a trading volume of 520,915 shares, compared to its average volume of 1,629,696. The company has a 50 day moving average of $46.67 and a two-hundred day moving average of $50.79. The company has a market capitalization of $5.63 billion, a P/E ratio of 13.09, a PEG ratio of 1.11 and a beta of 1.16. Synovus Financial has a 1 year low of $34.66 and a 1 year high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $573.24 million during the quarter, compared to analyst estimates of $572.35 million. On average, equities research analysts expect that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Institutional Trading of Synovus Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNV. Colonial Trust Co SC grew its position in shares of Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock worth $30,000 after buying an additional 499 shares during the period. Keystone Financial Group Inc. bought a new position in Synovus Financial in the fourth quarter valued at approximately $37,000. Jones Financial Companies Lllp grew its holdings in Synovus Financial by 72.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after acquiring an additional 461 shares during the period. V Square Quantitative Management LLC grew its holdings in Synovus Financial by 69.3% during the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after acquiring an additional 466 shares during the period. Finally, Millstone Evans Group LLC bought a new stake in shares of Synovus Financial during the 4th quarter valued at $59,000. 83.85% of the stock is owned by 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.