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

Synovus Financial (NYSE:SNV) had its target price lifted by Morgan Stanley from $51.00 to $55.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an equal weight rating on the bank’s stock.

SNV has been the topic of several other reports. Truist Financial raised their target price on Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a report on Monday. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a report on Tuesday, September 17th. Stephens increased their price target on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Bank of America raised their target price on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Finally, Citigroup set a $59.00 price target on Synovus Financial in a report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.88.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $49.07 on Monday. The company has a 50 day simple moving average of $45.07 and a two-hundred day simple moving average of $41.59. The stock has a market cap of $7.06 billion, a price-to-earnings ratio of 22.20, a PEG ratio of 1.80 and a beta of 1.38. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. Synovus Financial has a 12 month low of $24.40 and a 12 month high of $51.69.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The company had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.84 earnings per share. As a group, analysts predict that Synovus Financial will post 4.3 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 3.10%. Synovus Financial’s dividend payout ratio is presently 68.78%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Millennium Management LLC increased its holdings in shares of Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after purchasing an additional 838,932 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Synovus Financial by 9.3% during the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after buying an additional 491,036 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in Synovus Financial in the 2nd quarter valued at $19,434,000. Interval Partners LP increased its stake in shares of Synovus Financial by 74.2% in the 1st quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock worth $15,570,000 after acquiring an additional 165,548 shares during the last quarter. Finally, Wedge Capital Management L L P NC raised its holdings in shares of Synovus Financial by 14.9% during the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after acquiring an additional 148,842 shares during the period. 83.85% of the stock is 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.