Synovus Financial (NYSE:SNV) Earns “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Synovus Financial (NYSE:SNV) in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a $64.00 target price on the bank’s stock.

Several other research firms have also issued reports on SNV. Citigroup set a $59.00 price objective on shares of Synovus Financial in a research note on Friday, October 18th. Evercore ISI upped their price target on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Wells Fargo & Company increased their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Morgan Stanley boosted their target price on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Finally, StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $56.00.

Synovus Financial Stock Down 2.5 %

Shares of Synovus Financial stock opened at $54.69 on Thursday. The firm has a market cap of $7.75 billion, a price-to-earnings ratio of 24.75, a P/E/G ratio of 1.64 and a beta of 1.38. The stock has a 50-day simple moving average of $52.51 and a 200-day simple moving average of $45.72. Synovus Financial has a 52-week low of $33.44 and a 52-week high of $59.92. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.14. The firm had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.84 earnings per share. On average, equities research analysts expect that Synovus Financial will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be given a $0.38 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.52 annualized dividend and a yield of 2.78%. Synovus Financial’s dividend payout ratio is 68.78%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Oddo BHF Asset Management Sas bought a new stake in shares of Synovus Financial during the third quarter valued at approximately $753,000. Franklin Resources Inc. increased its holdings in Synovus Financial by 4.0% in the 3rd quarter. Franklin Resources Inc. now owns 22,964 shares of the bank’s stock valued at $1,069,000 after buying an additional 885 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of Synovus Financial in the 3rd quarter valued at $217,000. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Synovus Financial by 6.6% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 120,386 shares of the bank’s stock worth $5,353,000 after acquiring an additional 7,449 shares during the period. Finally, Coldstream Capital Management Inc. bought a new position in shares of Synovus Financial during the 3rd quarter worth about $220,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

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.