Morgan Stanley Reaffirms “Equal Weight” Rating for Synovus Financial (NYSE:SNV)

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

A number of other equities analysts also recently issued reports on SNV. UBS Group raised their price target on Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, January 23rd. DA Davidson decreased their price target on Synovus Financial from $45.00 to $43.00 and set a “buy” rating on the stock in a report on Friday, April 19th. Piper Sandler decreased their price target on Synovus Financial from $46.00 to $42.00 and set an “overweight” rating on the stock in a report on Friday, April 19th. Bank of America decreased their price target on Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, April 19th. Finally, Wells Fargo & Company decreased their price target on Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Friday, April 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $41.18.

View Our Latest Stock Analysis on SNV

Synovus Financial Trading Up 2.7 %

SNV opened at $36.63 on Monday. Synovus Financial has a one year low of $24.40 and a one year high of $40.92. The firm has a market capitalization of $5.36 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 3.83 and a beta of 1.40. The business has a 50 day simple moving average of $37.91 and a two-hundred day simple moving average of $34.76. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNVGet Free Report) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. During the same quarter in the previous year, the company earned $1.33 EPS. The business’s quarterly revenue was down 12.4% on a year-over-year basis. Analysts predict that Synovus Financial will post 3.97 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 stock. Wellington Management Group LLP boosted its position in shares of Synovus Financial by 56.9% during the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock worth $295,127,000 after buying an additional 2,843,488 shares during the period. Channing Capital Management LLC acquired a new stake in Synovus Financial in the fourth quarter worth approximately $72,201,000. Norges Bank acquired a new stake in Synovus Financial in the fourth quarter worth approximately $59,941,000. North Reef Capital Management LP lifted its position in Synovus Financial by 52.7% in the third quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after purchasing an additional 1,548,370 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Synovus Financial by 24.4% in the fourth 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. 83.85% of the stock is currently owned by institutional investors and hedge funds.

About Synovus Financial

(Get Free Report)

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.

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Analyst Recommendations for Synovus Financial (NYSE:SNV)

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