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

Synovus Financial (NYSE:SNV) had its price objective cut by Royal Bank of Canada from $64.00 to $52.00 in a research 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 would indicate a potential upside of 25.37% from the company’s current price.

Other research analysts have also issued reports about the stock. JPMorgan Chase & Co. decreased their target price on shares of Synovus Financial from $54.00 to $50.00 and set an “overweight” rating on the stock in a research note on Monday. Raymond James downgraded Synovus Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Stephens dropped their target price on Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating for the company in a report on Monday. Citigroup lifted their price target on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, Morgan Stanley dropped their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average target price of $56.17.

Synovus Financial Stock Up 3.4 %

Shares of SNV opened at $41.48 on Monday. The stock has a 50 day moving average price of $46.13 and a 200 day moving average price of $50.70. Synovus Financial has a one year low of $35.51 and a one year high of $59.92. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market capitalization of $5.85 billion, a price-to-earnings ratio of 13.60, a PEG ratio of 1.11 and a beta of 1.16.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SNV. Montgomery Investment Management Inc. increased its stake in Synovus Financial by 0.6% during the 4th quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank’s stock worth $2,177,000 after buying an additional 235 shares during the period. Sound View Wealth Advisors Group LLC increased its position in shares of Synovus Financial by 3.1% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank’s stock worth $407,000 after acquiring an additional 241 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of Synovus Financial by 0.5% in the first quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank’s stock valued at $2,412,000 after acquiring an additional 249 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. boosted its holdings in Synovus Financial by 0.3% in the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank’s stock valued at $5,301,000 after purchasing an additional 270 shares during the period. Finally, Wedmont Private Capital grew its stake in Synovus Financial by 3.3% during the 4th quarter. Wedmont Private Capital now owns 9,401 shares of the bank’s stock worth $479,000 after purchasing an additional 299 shares in the last quarter. 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.