Morgan Stanley Cuts Synovus Financial (NYSE:SNV) Price Target to $59.00

Synovus Financial (NYSE:SNV) had its price target cut by Morgan Stanley from $67.00 to $59.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s target price indicates a potential upside of 33.12% from the stock’s current price.

SNV has been the topic of a number of other reports. Piper Sandler increased their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. UBS Group assumed coverage on Synovus Financial in a research note on Tuesday, December 17th. They issued a “buy” rating and a $76.00 target price for the company. JPMorgan Chase & Co. upped their price target on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Citigroup boosted their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Finally, The Goldman Sachs Group increased their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $58.67.

Synovus Financial Price Performance

NYSE SNV traded down $0.47 on Thursday, reaching $44.32. The company’s stock had a trading volume of 474,438 shares, compared to its average volume of 1,318,495. The firm has a market cap of $6.24 billion, a PE ratio of 14.52, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial has a 52 week low of $33.44 and a 52 week high of $59.92. The business has a 50-day moving average price of $52.95 and a 200 day moving average price of $50.92.

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

Hedge Funds Weigh In On Synovus Financial

Hedge funds and other institutional investors have recently bought and sold shares of the business. Phocas Financial Corp. increased its holdings in shares of Synovus Financial by 90.2% during the 4th quarter. Phocas Financial Corp. now owns 177,231 shares of the bank’s stock worth $9,080,000 after acquiring an additional 84,036 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Synovus Financial during the 4th quarter worth about $7,799,000. Jefferies Financial Group Inc. bought a new stake in shares of Synovus Financial during the 4th quarter worth about $1,780,000. Mackenzie Financial Corp acquired a new position in Synovus Financial in the 4th quarter valued at about $521,000. Finally, Forum Financial Management LP bought a new position in Synovus Financial in the 4th quarter valued at about $254,000. Institutional investors own 83.85% of the company’s stock.

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.