Synovus Financial (NYSE:SNV) Given New $52.00 Price Target at Royal Bank of Canada

Synovus Financial (NYSE:SNV - Free Report) had its price objective decreased by Royal Bank of Canada from $64.00 to $52.00 in a research note released on Monday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the bank's stock.

A number of other research analysts have also issued reports on SNV. JPMorgan Chase & Co. lowered their target price on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a research note on Monday. Citigroup raised their price target on Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a research report on Friday, January 17th. Barclays cut their price objective on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Stephens dropped their price target on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Monday. Finally, Morgan Stanley reduced their price objective on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research report on Thursday, March 13th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.17.

Synovus Financial Stock Up 0.0 %

NYSE SNV traded up $0.01 during trading on Monday, hitting $43.33. 70,004 shares of the company traded hands, compared to its average volume of 1,603,531. The company has a market capitalization of $6.11 billion, a P/E ratio of 14.24, a PEG ratio of 1.11 and a beta of 1.16. The business has a fifty day simple moving average of $45.64 and a 200 day simple moving average of $50.64. Synovus Financial has a 12 month low of $35.74 and a 12 month high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, beating analysts' consensus estimates of $1.11 by $0.19. The business had revenue of $573.24 million for the quarter, compared to the consensus estimate of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. As a group, sell-side analysts predict that Synovus Financial will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were paid a dividend of $0.39 per share. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.60%. The ex-dividend date was Thursday, March 20th. Synovus Financial's dividend payout ratio is currently 43.70%.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Synovus Financial in the fourth quarter valued at about $77,209,000. AQR Capital Management LLC grew its holdings in Synovus Financial by 226.5% during the fourth quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank's stock valued at $54,573,000 after purchasing an additional 738,983 shares during the period. FMR LLC increased its holdings in shares of Synovus Financial by 3.6% in the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank's stock worth $616,892,000 after acquiring an additional 415,201 shares in the last quarter. Prudential Financial Inc. increased its stake in Synovus Financial by 349.4% during the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank's stock worth $27,108,000 after purchasing an additional 411,411 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in Synovus Financial by 5,495.2% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank's stock worth $17,924,000 after purchasing an additional 343,613 shares in the last quarter. 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.