Synovus Financial’s (SNV) Outperform Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Synovus Financial (NYSE:SNV) in a research report released on Thursday morning,Benzinga reports. The firm currently has a $64.00 price objective on the bank’s stock.

Several other analysts also recently issued reports on SNV. JPMorgan Chase & Co. boosted their price objective on Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Citigroup set a $59.00 price objective on shares of Synovus Financial in a research note on Friday, October 18th. Piper Sandler boosted their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday. Truist Financial raised their target price on Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Finally, Evercore ISI upped their price target on Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $56.00.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $54.16 on Thursday. Synovus Financial has a 52 week low of $33.44 and a 52 week high of $59.92. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The company’s 50-day moving average price is $52.71 and its two-hundred day moving average price is $45.87. The stock has a market cap of $7.67 billion, a PE ratio of 24.51, a price-to-earnings-growth ratio of 1.58 and a beta of 1.38.

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. The business had revenue of $564.72 million during 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 business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.84 earnings per share. As a group, sell-side analysts anticipate that Synovus Financial will post 4.37 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.81%. Synovus Financial’s dividend payout ratio is currently 68.78%.

Institutional Trading of Synovus Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP grew its stake in Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after buying an additional 1,095,557 shares during the last quarter. Millennium Management LLC grew its position in shares of Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after purchasing an additional 838,932 shares during the last quarter. FMR LLC increased its stake in shares of Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after purchasing an additional 598,644 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Synovus Financial by 9.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after purchasing an additional 491,036 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. bought a new stake in Synovus Financial during the 2nd quarter valued at approximately $19,434,000. Institutional investors and hedge funds 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.