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

Synovus Financial (NYSE:SNV) had its target price dropped by Royal Bank of Canada from $44.00 to $41.00 in a report released on Friday, Benzinga reports. The firm currently has an “outperform” rating on the bank’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 17.82% from the company’s current price.

A number of other equities analysts have also commented on the company. Keefe, Bruyette & Woods restated a “market perform” rating and set a $38.00 price objective (down previously from $46.00) on shares of Synovus Financial in a research note on Friday. DA Davidson lowered their price objective on Synovus Financial from $45.00 to $43.00 and set a “buy” rating on the stock in a research note on Friday. Morgan Stanley raised their price objective on Synovus Financial from $29.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. StockNews.com lowered Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, February 15th. Finally, Raymond James lowered Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research note on Thursday. 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 company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $41.53.

Synovus Financial Stock Performance

Shares of NYSE SNV traded up $0.90 during trading hours on Friday, reaching $34.80. 1,595,216 shares of the stock were exchanged, compared to its average volume of 1,496,268. The firm has a market capitalization of $5.10 billion, a price-to-earnings ratio of 11.92, a P/E/G ratio of 3.93 and a beta of 1.40. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $40.92. The stock’s fifty day simple moving average is $37.93 and its 200 day simple moving average is $34.46.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, April 17th. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The firm had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a return on equity of 13.08% and a net margin of 13.29%. Synovus Financial’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter last year, the business posted $1.33 EPS. Sell-side analysts predict that Synovus Financial will post 4.05 EPS for the current year.

Insider Buying and Selling at Synovus Financial

In other news, Director Tim E. Bentsen sold 4,671 shares of the business’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 transaction, the director now directly owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Tim E. Bentsen sold 4,671 shares of the business’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 transaction, the director now directly owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s stock in a transaction dated Tuesday, January 23rd. The shares were 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 directly owns 11,086 shares in the company, valued at $423,817.78. 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 have recently added to or reduced their stakes in the company. State of Michigan Retirement System increased its holdings in Synovus Financial by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock worth $1,438,000 after purchasing an additional 800 shares in the last quarter. Asio Capital LLC increased its holdings in Synovus Financial by 1.1% during the 1st quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock worth $5,141,000 after purchasing an additional 1,428 shares in the last quarter. Cooper Financial Group bought a new stake in Synovus Financial during the 1st quarter worth approximately $203,000. Mather Group LLC. bought a new stake in Synovus Financial during the 1st quarter worth approximately $144,000. Finally, GAMMA Investing LLC increased its holdings in Synovus Financial by 22.4% during the 1st quarter. GAMMA Investing LLC now owns 2,995 shares of the bank’s stock worth $120,000 after purchasing an additional 548 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

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.