Royal Bank Of Canada Has Lowered Expectations for Synovus Financial (NYSE:SNV) Stock Price

Key Points

• Royal Bank Of Canada has lowered its price target for Synovus Financial from $65.00 to $58.00, indicating a potential upside of 28.46% from the current stock price.
• Other analysts, including Stephens and JPMorgan, have also decreased their price targets, with JPMorgan setting a new target of $58.00 and maintaining an "overweight" rating.
• Despite lower price targets from various brokerage firms, Synovus Financial has reported a 9.0% year-over-year increase in revenue and beat earnings estimates with $1.46 earnings per share.

Synovus Financial (NYSE:SNV - Get Free Report) had its price target dropped by stock analysts at Royal Bank Of Canada from $65.00 to $58.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the bank's stock. Royal Bank Of Canada's price objective suggests a potential upside of 28.46% from the company's current price.

A number of other equities analysts have also commented on the stock. Stephens reduced their price target on shares of Synovus Financial from $54.00 to $51.00 and set an "equal weight" rating on the stock in a research report on Friday. JPMorgan Chase & Co. reduced their target price on shares of Synovus Financial from $65.00 to $58.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 1st. DA Davidson reiterated a "buy" rating and set a $63.00 target price on shares of Synovus Financial in a research report on Thursday. Wall Street Zen upgraded shares of Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, Truist Financial reduced their target price on shares of Synovus Financial from $56.00 to $55.00 and set a "buy" rating on the stock in a research report on Friday. Nine analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $58.61.

Synovus Financial Stock Performance

Synovus Financial stock traded up $1.02 on Friday, reaching $45.15. 117,452 shares of the stock were exchanged, compared to its average volume of 1,637,804. The stock has a market cap of $6.27 billion, a PE ratio of 8.42, a PEG ratio of 0.84 and a beta of 1.21. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77. Synovus Financial has a twelve month low of $35.94 and a twelve month high of $61.06. The firm has a fifty day moving average price of $49.64 and a two-hundred day moving average price of $48.41.

Synovus Financial (NYSE:SNV - Get Free Report) last released its earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.10. The firm had revenue of $612.79 million during the quarter, compared to analyst estimates of $604.59 million. Synovus Financial had a net margin of 21.97% and a return on equity of 16.45%. The business's revenue was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.23 EPS. Sell-side analysts anticipate that Synovus Financial will post 4.89 EPS for the current year.

Insider Activity

In other news, Director Diana M. Murphy purchased 1,000 shares of the business's stock in a transaction on Tuesday, July 29th. The stock was purchased at an average price of $48.80 per share, for a total transaction of $48,800.00. Following the completion of the purchase, the director directly owned 40,171 shares in the company, valued at $1,960,344.80. The trade was a 2.55% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin S. Blair acquired 4,040 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was bought at an average cost of $49.40 per share, for a total transaction of $199,576.00. Following the completion of the transaction, the chief executive officer directly owned 164,378 shares of the company's stock, valued at approximately $8,120,273.20. This trade represents a 2.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 8,040 shares of company stock worth $392,916. 1.00% of the stock is owned by insiders.

Institutional Trading of Synovus Financial

Several institutional investors have recently added to or reduced their stakes in SNV. Elevation Point Wealth Partners LLC bought a new stake in Synovus Financial in the 2nd quarter valued at $31,000. Armstrong Advisory Group Inc. bought a new position in Synovus Financial during the second quarter worth about $41,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in Synovus Financial during the first quarter worth about $47,000. Ransom Advisory Ltd increased its position in Synovus Financial by 90.0% during the third quarter. Ransom Advisory Ltd now owns 950 shares of the bank's stock worth $47,000 after acquiring an additional 450 shares during the period. Finally, IFP Advisors Inc increased its holdings in Synovus Financial by 650.4% in the 2nd quarter. IFP Advisors Inc now owns 1,058 shares of the bank's stock valued at $60,000 after buying an additional 917 shares during the period. 83.85% of the stock is currently 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.

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