Synovus Financial (NYSE:SNV) Given New $55.00 Price Target at Morgan Stanley

Synovus Financial (NYSE:SNV) had its price objective hoisted by Morgan Stanley from $51.00 to $55.00 in a research report report published on Monday, Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

Several other brokerages have also issued reports on SNV. Bank of America lifted their target price on shares of Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Truist Financial upped their target price on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday. Royal Bank of Canada raised their price target on Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. StockNews.com upgraded Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Finally, DA Davidson boosted their target price on Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Synovus Financial has an average rating of “Moderate Buy” and an average price target of $51.88.

Synovus Financial Stock Down 0.2 %

SNV opened at $48.99 on Monday. The firm has a market capitalization of $7.17 billion, a P/E ratio of 16.78, a price-to-earnings-growth ratio of 2.36 and a beta of 1.38. Synovus Financial has a one year low of $24.40 and a one year high of $51.69. The company has a fifty day moving average price of $44.79 and a 200-day moving average price of $41.49. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. The business had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.84 EPS. Equities research analysts expect that Synovus Financial will post 4.04 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s payout ratio is 52.05%.

Institutional Trading of Synovus Financial

Institutional investors have recently modified their holdings of the company. V Square Quantitative Management LLC purchased a new stake in Synovus Financial in the 3rd quarter worth approximately $30,000. UMB Bank n.a. increased its position in Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after purchasing an additional 348 shares during the period. Innealta Capital LLC bought a new position in Synovus Financial in the 2nd quarter worth $43,000. Abich Financial Wealth Management LLC lifted its position in shares of Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after purchasing an additional 371 shares during the period. Finally, Fidelis Capital Partners LLC bought a new stake in shares of Synovus Financial during the 1st quarter valued at about $51,000. 83.85% of the stock is currently 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 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.