Morgan Stanley Has Lowered Expectations for Synovus Financial (NYSE:SNV) Stock Price

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

A number of other research firms also recently weighed in on SNV. Wells Fargo & Company increased their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft assumed coverage on Synovus Financial in a research note on Monday, December 9th. They set a “buy” rating and a $64.00 target price for the company. Citigroup raised their price objective on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Stephens reiterated an “equal weight” rating and issued a $58.00 price target on shares of Synovus Financial in a research note on Thursday, January 16th. Finally, UBS Group assumed coverage on Synovus Financial in a report on Tuesday, December 17th. They set a “buy” rating and a $76.00 target price on the stock. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and a consensus price target of $58.67.

Synovus Financial Stock Performance

NYSE:SNV traded down $0.47 during mid-day trading on Thursday, reaching $44.32. 474,438 shares of the stock were exchanged, compared to its average volume of 1,318,495. The company has a 50 day simple moving average of $52.95 and a 200-day simple moving average of $50.92. Synovus Financial has a 1 year low of $33.44 and a 1 year high of $59.92. The stock has a market capitalization of $6.24 billion, a P/E ratio of 14.52, a P/E/G ratio of 1.11 and a beta of 1.36. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. The company 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%. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.80 earnings per share. Analysts anticipate that Synovus Financial will post 4.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently bought and sold shares of the business. Montgomery Investment Management Inc. lifted its position in Synovus Financial by 0.6% during the 4th quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank’s stock worth $2,177,000 after acquiring an additional 235 shares during the last quarter. Sound View Wealth Advisors Group LLC boosted its position in shares of Synovus Financial by 3.1% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank’s stock valued at $407,000 after acquiring an additional 241 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. grew its stake in shares of Synovus Financial by 0.3% in the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank’s stock worth $5,301,000 after acquiring an additional 270 shares during the last quarter. Wedmont Private Capital increased its position in Synovus Financial by 3.3% during the fourth quarter. Wedmont Private Capital now owns 9,401 shares of the bank’s stock worth $479,000 after acquiring an additional 299 shares during the period. Finally, Harbor Capital Advisors Inc. raised its stake in Synovus Financial by 2.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank’s stock valued at $758,000 after purchasing an additional 302 shares during the last quarter. Hedge funds and other 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.