Synovus Financial (NYSE:SNV) Coverage Initiated at Royal Bank of Canada

Analysts at Royal Bank of Canada started coverage on shares of Synovus Financial (NYSE:SNV) in a research note issued on Friday, The Fly reports. The brokerage set an “outperform” rating and a $42.00 price target on the bank’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 19.22% from the company’s previous close.

Separately, Raymond James set a C$80.00 price target on shares of West Fraser Timber and gave the company a “strong-buy” rating in a research note on Tuesday, June 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $44.52.

Synovus Financial stock traded up $0.37 during trading on Friday, reaching $35.23. The company had a trading volume of 87,845 shares, compared to its average volume of 1,362,266. The company has a 50-day moving average of $33.75. Synovus Financial has a 1-year low of $29.93 and a 1-year high of $55.42. The company has a market capitalization of $5.43 billion, a price-to-earnings ratio of 9.68, a PEG ratio of 1.07 and a beta of 1.31. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.94 and a quick ratio of 0.93.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.08. Synovus Financial had a net margin of 24.36% and a return on equity of 15.58%. The firm had revenue of $476.50 million for the quarter, compared to analysts’ expectations of $459.05 million. During the same quarter last year, the company earned $0.86 EPS. The firm’s revenue for the quarter was up 39.6% compared to the same quarter last year. As a group, analysts expect that Synovus Financial will post 4.03 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the business. State of Tennessee Treasury Department raised its holdings in Synovus Financial by 364.3% in the 1st quarter. State of Tennessee Treasury Department now owns 165,689 shares of the bank’s stock valued at $5,693,000 after buying an additional 130,000 shares during the period. Lazard Asset Management LLC raised its holdings in Synovus Financial by 58.2% in the 1st quarter. Lazard Asset Management LLC now owns 745,438 shares of the bank’s stock valued at $25,613,000 after buying an additional 274,351 shares during the period. Norges Bank purchased a new stake in Synovus Financial in the 4th quarter valued at about $38,056,000. D. E. Shaw & Co. Inc. raised its holdings in Synovus Financial by 13.8% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 328,890 shares of the bank’s stock valued at $10,521,000 after buying an additional 39,879 shares during the period. Finally, Crestline Management LP purchased a new stake in Synovus Financial in the 4th quarter valued at about $2,112,000. Institutional investors own 82.17% of the company’s stock.

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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The Fly

Analyst Recommendations for Synovus Financial (NYSE:SNV)

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