Morgan Stanley Raises Synovus Financial (NYSE:SNV) Price Target to $61.00

Synovus Financial (NYSE:SNV) had its price target increased by equities researchers at Morgan Stanley from $58.00 to $61.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s target price would indicate a potential upside of 9.52% from the company’s previous close.

A number of other brokerages have also recently issued reports on SNV. Truist Financial increased their price objective on shares of Synovus Financial from $56.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, July 11th. Keefe, Bruyette & Woods upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $58.00 to $65.00 in a research report on Friday. Wells Fargo & Company upgraded shares of Synovus Financial from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $50.00 to $62.00 in a research report on Thursday, July 10th. Stephens dropped their target price on shares of Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating for the company in a research report on Monday, April 21st. Finally, Raymond James Financial upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $62.00 target price for the company in a research report on Friday. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $60.67.

Synovus Financial Price Performance

NYSE SNV opened at $55.70 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 0.77. The company has a fifty day simple moving average of $50.33 and a 200 day simple moving average of $49.22. The company has a market cap of $7.74 billion, a P/E ratio of 10.69, a P/E/G ratio of 1.06 and a beta of 1.19. Synovus Financial has a 1 year low of $35.94 and a 1 year high of $59.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.23. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. The firm had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. During the same period in the prior year, the firm earned $1.16 EPS. On average, sell-side analysts predict that Synovus Financial will post 4.89 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SNV. Colonial Trust Co SC boosted its stake in shares of Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock worth $30,000 after buying an additional 499 shares during the last quarter. Armstrong Advisory Group Inc. acquired a new position in shares of Synovus Financial during the 2nd quarter worth about $41,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Synovus Financial during the 1st quarter worth about $47,000. Millstone Evans Group LLC acquired a new position in shares of Synovus Financial during the 4th quarter worth about $59,000. Finally, Spectrum Wealth Counsel LLC acquired a new position in shares of Synovus Financial during the 1st quarter worth about $70,000. Institutional investors own 83.85% of the company’s stock.

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.