Morgan Stanley Reiterates Equal Weight Rating for Synovus Financial (NYSE:SNV)

Synovus Financial (NYSE:SNV)‘s stock had its “equal weight” rating reissued by Morgan Stanley in a research report issued on Monday, Benzinga reports. They currently have a $37.00 target price on the bank’s stock. Morgan Stanley’s price target suggests a potential upside of 1.01% from the company’s previous close.

Other analysts have also recently issued reports about the company. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $38.00 target price (down from $46.00) on shares of Synovus Financial in a research note on Friday, April 19th. UBS Group raised their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, January 23rd. The Goldman Sachs Group lowered their price objective on shares of Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Truist Financial lowered their price objective on shares of Synovus Financial from $45.00 to $39.00 and set a “buy” rating for the company in a report on Monday. Finally, Piper Sandler lowered their target price on shares of Synovus Financial from $46.00 to $42.00 and set an “overweight” rating for the company in a report on Friday, April 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Synovus Financial presently has a consensus rating of “Moderate Buy” and an average price target of $41.18.

Synovus Financial Stock Up 2.7 %

SNV opened at $36.63 on Monday. The stock has a market cap of $5.36 billion, a PE ratio of 12.54, a P/E/G ratio of 3.83 and a beta of 1.40. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. Synovus Financial has a 52 week low of $24.40 and a 52 week high of $40.92. The business’s fifty day simple moving average is $37.91 and its 200 day simple moving average is $34.76.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The company had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same period last year, the business posted $1.33 earnings per share. The firm’s quarterly revenue was down 12.4% compared to the same quarter last year. As a group, research analysts expect that Synovus Financial will post 3.97 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Synovus Financial

Hedge funds have recently modified their holdings of the business. FMR LLC lifted its stake in shares of Synovus Financial by 10.0% during the 3rd quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock valued at $297,530,000 after buying an additional 977,155 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Synovus Financial by 56.9% during the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after buying an additional 2,843,488 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Synovus Financial by 24.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock valued at $194,951,000 after buying an additional 1,016,231 shares in the last quarter. North Reef Capital Management LP lifted its stake in shares of Synovus Financial by 52.7% during the 3rd quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock valued at $124,683,000 after buying an additional 1,548,370 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Synovus Financial by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,730,148 shares of the bank’s stock valued at $140,440,000 after buying an additional 21,041 shares in the last quarter. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Company Profile

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.