Royal Bank of Canada Reiterates “Outperform” Rating for Synovus Financial (NYSE:SNV)

Synovus Financial (NYSE:SNV)‘s stock had its “outperform” rating reissued by Royal Bank of Canada in a note issued to investors on Thursday,Benzinga reports. They currently have a $64.00 price objective on the bank’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 18.19% from the stock’s current price.

Several other equities analysts have also commented on SNV. Wells Fargo & Company raised their target price on shares of 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 lifted their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Barclays lifted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, The Goldman Sachs Group lifted their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Synovus Financial has an average rating of “Moderate Buy” and a consensus price target of $56.00.

Synovus Financial Price Performance

SNV stock opened at $54.15 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial has a 12 month low of $33.44 and a 12 month high of $59.92. The firm has a market cap of $7.67 billion, a P/E ratio of 24.50, a P/E/G ratio of 1.64 and a beta of 1.38. The company’s 50-day moving average price is $52.71 and its two-hundred day moving average price is $45.82.

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

Institutional Investors Weigh In On Synovus Financial

A number of institutional investors have recently modified their holdings of SNV. SG Americas Securities LLC bought a new stake in shares of Synovus Financial in the 2nd quarter valued at $374,000. Blue Trust Inc. raised its holdings in Synovus Financial by 102.9% during the second quarter. Blue Trust Inc. now owns 12,992 shares of the bank’s stock worth $520,000 after buying an additional 6,588 shares during the last quarter. Oakworth Capital Inc. raised its holdings in Synovus Financial by 117.6% during the second quarter. Oakworth Capital Inc. now owns 4,854 shares of the bank’s stock worth $195,000 after buying an additional 2,623 shares during the last quarter. Fifth Third Bancorp raised its holdings in Synovus Financial by 7.0% during the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after buying an additional 245 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC acquired a new position in Synovus Financial during the second quarter worth $198,000. 83.85% of the stock is owned by institutional investors.

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.