Synovus Financial (NYSE:SNV) Price Target Cut to $59.00 by Analysts at Morgan Stanley

Synovus Financial (NYSE:SNV) had its target price trimmed by Morgan Stanley from $67.00 to $59.00 in a research report released on Thursday,Benzinga reports. The firm currently has an equal weight rating on the bank’s stock.

A number of other research firms have also recently commented on SNV. JPMorgan Chase & Co. increased their price target on Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. The Goldman Sachs Group increased their price target on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Stephens reiterated an “equal weight” rating and issued a $58.00 price target on shares of Synovus Financial in a research note on Thursday, January 16th. Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a report on Monday, December 9th. They issued a “buy” rating and a $64.00 price objective on the stock. Finally, Piper Sandler increased their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.67.

Synovus Financial Trading Up 3.4 %

Shares of NYSE SNV opened at $45.67 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market capitalization of $6.44 billion, a P/E ratio of 14.97, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. Synovus Financial has a 1-year low of $33.44 and a 1-year high of $59.92. The business has a fifty day moving average price of $52.69 and a 200 day moving average price of $50.91.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. During the same period last year, the business posted $0.80 earnings per share. The firm’s revenue was up 18.8% compared to the same quarter last year. Equities research analysts expect that Synovus Financial will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be issued a $0.39 dividend. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.42%. The ex-dividend date is Thursday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 51.15%.

Institutional Trading of Synovus Financial

Several institutional investors have recently bought and sold shares of the business. Montgomery Investment Management Inc. grew its holdings in Synovus Financial by 0.6% in the fourth quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank’s stock valued at $2,177,000 after purchasing an additional 235 shares during the period. Sound View Wealth Advisors Group LLC lifted its position in shares of Synovus Financial by 3.1% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank’s stock valued at $407,000 after acquiring an additional 241 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. lifted its position in shares of Synovus Financial by 0.3% in the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank’s stock valued at $5,301,000 after acquiring an additional 270 shares in the last quarter. Wedmont Private Capital lifted its position in shares of Synovus Financial by 3.3% in the fourth quarter. Wedmont Private Capital now owns 9,401 shares of the bank’s stock valued at $479,000 after acquiring an additional 299 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its position in shares of Synovus Financial by 2.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank’s stock valued at $758,000 after acquiring an additional 302 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

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.