Synovus Financial (NYSE:SNV) Receives “Equal Weight” Rating from Morgan Stanley

Morgan Stanley reaffirmed their equal weight rating on shares of Synovus Financial (NYSE:SNV) in a report published on Monday morning, Benzinga reports. They currently have a $37.00 target price on the bank’s stock.

Several other brokerages also recently weighed in on SNV. Royal Bank of Canada dropped their target price on Synovus Financial from $44.00 to $41.00 and set an outperform rating on the stock in a research note on Friday. Truist Financial cut their price objective on shares of Synovus Financial from $45.00 to $39.00 and set a buy rating on the stock in a report on Monday. DA Davidson lowered their target price on shares of Synovus Financial from $45.00 to $43.00 and set a buy rating for the company in a research note on Friday. Jefferies Financial Group cut their price target on shares of Synovus Financial from $46.00 to $43.00 and set a buy rating on the stock in a research note on Monday, April 8th. Finally, UBS Group lifted their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the stock a buy rating in a research note on Tuesday, January 23rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $41.18.

Synovus Financial Price Performance

SNV opened at $35.68 on Monday. The firm has a market capitalization of $5.22 billion, a PE ratio of 12.22, a price-to-earnings-growth ratio of 3.83 and a beta of 1.40. The business’s 50-day moving average is $37.88 and its two-hundred day moving average is $34.69. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $40.92. 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:SNV) last issued its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The firm had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The firm’s quarterly revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.33 EPS. Research analysts anticipate that Synovus Financial will post 3.97 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were paid a dividend of $0.38 per share. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.26%. Synovus Financial’s payout ratio is 52.05%.

Insider Activity at Synovus Financial

In related news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total transaction of $180,394.02. Following the sale, the director now owns 33,144 shares in the company, valued at $1,280,021.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Synovus Financial

Institutional investors have recently modified their holdings of the business. FMR LLC boosted its position in Synovus Financial by 10.0% during the third quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock worth $297,530,000 after purchasing an additional 977,155 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Synovus Financial by 56.9% during the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after buying an additional 2,843,488 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Synovus Financial by 24.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock valued at $194,951,000 after acquiring an additional 1,016,231 shares during the period. North Reef Capital Management LP increased its holdings in Synovus Financial by 52.7% in the 3rd quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after acquiring an additional 1,548,370 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Synovus Financial by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,730,148 shares of the bank’s stock worth $140,440,000 after acquiring an additional 21,041 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Company Profile

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.