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Synovus (SNV) Gets a Buy Rating from RBC Capital

RBC Capital analyst Jon Arfstrom maintained a Buy rating on Synovus (SNVResearch Report) on July 13 and set a price target of $48.00. The company’s shares closed last Thursday at $34.72, close to its 52-week low of $34.15.

According to TipRanks.com, Arfstrom is a 5-star analyst with an average return of 20.1% and a 53.5% success rate. Arfstrom covers the Financial sector, focusing on stocks such as Zions Bancorporation National Association, Old National Bancorp Capital, and Provident Financial Services.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Synovus with a $50.39 average price target, implying a 45.2% upside from current levels. In a report issued on July 1, J.P. Morgan also maintained a Buy rating on the stock with a $46.00 price target.

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Based on Synovus’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $498 million and net profit of $171 million. In comparison, last year the company earned revenue of $485 million and had a net profit of $187 million.

Based on the recent corporate insider activity of 135 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SNV in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. It offers private banking, treasury management, wealth management, premium finance and international banking, commercial and retail banking, financial management, insurance, and mortgage services to its customers. The company was founded in 1972 and is headquartered in Columbus, GA.

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