Morgan Stanley Boosts Synovus Financial (NYSE:SNV) Price Target to $41.00

Synovus Financial (NYSE:SNV) had its price objective increased by Morgan Stanley from $38.00 to $41.00 in a report issued on Monday morning, Benzinga reports. They currently have an equal weight rating on the bank’s stock.

SNV has been the topic of several other reports. Wells Fargo & Company upped their target price on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an overweight rating in a research report on Tuesday, July 9th. Stephens increased their price target on shares of Synovus Financial from $43.00 to $46.00 and gave the company an equal weight rating in a research report on Friday, July 19th. Truist Financial increased their price target on shares of Synovus Financial from $44.00 to $50.00 and gave the company a buy rating in a research report on Friday, July 19th. Raymond James lowered shares of Synovus Financial from a strong-buy rating to a market perform rating in a research report on Thursday, April 18th. Finally, DA Davidson upped their price objective on shares of Synovus Financial from $47.00 to $55.00 and gave the company a buy rating in a research note on Friday, July 19th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $45.81.

Synovus Financial Trading Up 2.1 %

Shares of Synovus Financial stock opened at $46.78 on Monday. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $47.76. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. The company’s 50-day simple moving average is $39.99 and its 200-day simple moving average is $38.47. The firm has a market cap of $6.85 billion, a price-to-earnings ratio of 16.02, a price-to-earnings-growth ratio of 3.62 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company had revenue of $563.60 million for the quarter, compared to analyst estimates of $543.52 million. During the same period in the prior year, the business posted $1.16 earnings per share. The firm’s revenue for the quarter was down .7% compared to the same quarter last year. As a group, equities research analysts anticipate that Synovus Financial will post 4 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Thursday, June 20th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend was Thursday, June 20th. Synovus Financial’s payout ratio is currently 52.05%.

Insiders Place Their Bets

In related news, EVP D Wayne Akins, Jr. acquired 24,500 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was bought at an average cost of $37.40 per share, with a total value of $916,300.00. Following the acquisition, the executive vice president now directly owns 41,884 shares in the company, valued at $1,566,461.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Synovus Financial news, EVP D Wayne Akins, Jr. purchased 24,500 shares of Synovus Financial stock in a transaction dated Friday, June 7th. The shares were bought at an average cost of $37.40 per share, for a total transaction of $916,300.00. Following the transaction, the executive vice president now owns 41,884 shares in the company, valued at approximately $1,566,461.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Eli Samaha sold 172,889 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the completion of the transaction, the insider now owns 1,293,259 shares in the company, valued at $32,590,126.80. The disclosure for this sale can be found here. Insiders sold a total of 179,712 shares of company stock valued at $4,528,878 in the last ninety days. Corporate insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

Several hedge funds have recently bought and sold shares of SNV. Allworth Financial LP lifted its position in Synovus Financial by 333.5% in the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after purchasing an additional 557 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Synovus Financial during the 4th quarter worth about $28,000. MeadowBrook Investment Advisors LLC bought a new stake in shares of Synovus Financial during the 4th quarter worth about $30,000. American National Bank bought a new stake in shares of Synovus Financial during the 4th quarter worth about $38,000. Finally, Tennessee Valley Asset Management Partners bought a new stake in shares of Synovus Financial during the 4th quarter worth about $42,000. 83.85% of the stock is currently owned by 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.