Synovus Financial (NYSE:SNV) Given “Outperform” Rating at Royal Bank of Canada

Synovus Financial (NYSE:SNV)‘s stock had its “outperform” rating reissued by equities researchers at Royal Bank of Canada in a research report issued on Thursday,Benzinga reports. They presently have a $64.00 price objective on the bank’s stock. Royal Bank of Canada’s price target points to a potential upside of 18.19% from the company’s current price.

SNV has been the subject of a number of other research reports. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a report on Tuesday, September 17th. Stephens raised their price objective on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Citigroup set a $59.00 price objective on shares of Synovus Financial in a report on Friday, October 18th. StockNews.com upgraded shares of Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Morgan Stanley increased their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $56.00.

Synovus Financial Stock Performance

Shares of SNV stock opened at $54.15 on Thursday. The firm has a 50-day moving average of $52.71 and a 200-day moving average of $45.82. The company 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 has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. Synovus Financial has a one year low of $33.44 and a one year high of $59.92.

Synovus Financial (NYSE:SNV) last announced 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 company had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.84 earnings per share. Equities research analysts forecast that Synovus Financial will post 4.37 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SNV. Wellington Management Group LLP boosted its holdings in Synovus Financial by 12.8% in the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after acquiring an additional 1,095,557 shares in the last quarter. Millennium Management LLC boosted its holdings in 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 acquiring an additional 838,932 shares in the last quarter. FMR LLC boosted its holdings in Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after acquiring an additional 598,644 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after acquiring an additional 491,036 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. bought a new stake in Synovus Financial in the second quarter valued at $19,434,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

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.