Royal Bank of Canada began coverage on shares of Synovus Financial (NYSE:SNV) in a research note published on Friday morning, Benzinga reports. The firm issued an outperform rating and a $42.00 target price on the bank’s stock.
Separately, Raymond James set a C$80.00 price objective on shares of West Fraser Timber and gave the stock a strong-buy rating in a research note on Tuesday, June 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $44.52.
Shares of Synovus Financial stock opened at $34.39 on Friday. The stock has a market capitalization of $5.58 billion, a price-to-earnings ratio of 9.45, a price-to-earnings-growth ratio of 1.10 and a beta of 1.32. The firm’s 50-day moving average price is $33.83. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.48. Synovus Financial has a twelve month low of $29.93 and a twelve month high of $55.42.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.98 EPS for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.08. The firm had revenue of $476.50 million during the quarter, compared to the consensus estimate of $459.05 million. Synovus Financial had a net margin of 24.36% and a return on equity of 15.58%. The firm’s revenue for the quarter was up 39.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.86 EPS. Sell-side analysts forecast that Synovus Financial will post 4.02 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Thursday, June 20th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.49%. The ex-dividend date was Wednesday, June 19th. Synovus Financial’s dividend payout ratio is presently 32.97%.
Several institutional investors have recently bought and sold shares of SNV. Synovus Financial Corp increased its holdings in Synovus Financial by 1.4% during the first quarter. Synovus Financial Corp now owns 6,081,527 shares of the bank’s stock valued at $208,973,000 after buying an additional 85,903 shares during the period. Bank of New York Mellon Corp grew its holdings in Synovus Financial by 57.4% in the fourth quarter. Bank of New York Mellon Corp now owns 2,410,411 shares of the bank’s stock worth $77,110,000 after purchasing an additional 878,558 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Synovus Financial by 32.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,190,184 shares of the bank’s stock worth $70,065,000 after purchasing an additional 530,991 shares during the last quarter. Two Sigma Investments LP grew its holdings in Synovus Financial by 188.6% in the fourth quarter. Two Sigma Investments LP now owns 1,956,752 shares of the bank’s stock worth $62,596,000 after purchasing an additional 1,278,824 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Synovus Financial by 48.5% in the fourth quarter. Geode Capital Management LLC now owns 1,615,735 shares of the bank’s stock worth $51,686,000 after purchasing an additional 528,022 shares during the last quarter. 82.17% of the stock is owned by hedge funds and other institutional investors.
About Synovus Financial
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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