Royal Bank of Canada Issues Pessimistic Forecast for Synovus Financial (NYSE:SNV) Stock Price

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

Other equities analysts also recently issued research reports about the company. Citigroup raised their price target on Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research report on Friday, January 17th. Wells Fargo & Company dropped their price objective on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Barclays reduced their target price on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Morgan Stanley lowered their price target on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. Finally, Stephens reduced their price objective on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.17.

Synovus Financial Price Performance

Synovus Financial stock traded down $0.33 during trading hours on Monday, hitting $42.99. The stock had a trading volume of 971,381 shares, compared to its average volume of 1,420,019. The stock has a market capitalization of $6.06 billion, a price-to-earnings ratio of 14.10, a PEG ratio of 1.11 and a beta of 1.16. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. Synovus Financial has a 1-year low of $35.74 and a 1-year high of $59.92. The stock's fifty day moving average is $45.38 and its two-hundred day moving average is $50.69.

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

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date of this dividend was Thursday, March 20th. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's dividend payout ratio is currently 43.70%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. FMR LLC boosted its position in Synovus Financial by 3.6% in the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank's stock valued at $616,892,000 after buying an additional 415,201 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Synovus Financial by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank's stock valued at $261,778,000 after purchasing an additional 117,242 shares in the last quarter. Silvercrest Asset Management Group LLC increased its holdings in Synovus Financial by 2.3% during the 4th quarter. Silvercrest Asset Management Group LLC now owns 2,370,521 shares of the bank's stock worth $121,442,000 after purchasing an additional 53,286 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Synovus Financial by 4.5% during the 4th quarter. First Trust Advisors LP now owns 1,827,247 shares of the bank's stock valued at $93,610,000 after buying an additional 77,876 shares during the last quarter. Finally, Norges Bank bought a new position in Synovus Financial during the 4th quarter valued at $77,209,000. 83.85% of the stock is owned by institutional investors and hedge funds.

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.